Euler's curator market is getting crowded — Gauntlet, Re7, MEV Capital already competing for vault allocation, and Concrete enters with a separation-of-duties framework built explicitly around the Stream Finance $93M collapse playbook. Encoding LTV ratios, liquidation boundaries, and exposure caps into contract logic rather than off-chain dashboards is what actually moves institutional allocators off the sideline. Curious how curator margins hold up once you have 10+ shops competing on identical underlying Euler markets — that fee compression could end up subsidizing borrowers in a way monolithic protocols never could.

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