A vault is a smart contract that pools deposits and runs a transparent, onchain strategy — no middlemen, no custody.

Lenders deposit assets to earn yield. Borrowers post collateral and draw liquidity against it. Interest flows between them automatically, governed by the vault’s risk parameters and interest-rate model.

Euler is live on the canvas today. Pan, zoom, and drill into a chapter; Morpho and Aave are queued next.