> For the complete documentation index, see [llms.txt](https://docs.inceptionlrt.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.inceptionlrt.com/mission/context.md). # Context DeFi has undergone a structural evolution over the past few years, moving from **monolithic protocols** to **modular, curator-driven ecosystems**. In the early stages of DeFi (2018–2021), protocols like *Aave, Compound,* and *Lido* dominated the landscape. Each protocol was vertically integrated: the same team designed the product, operated the infrastructure, managed risk, and determined how rewards were distributed. The role of the *curator* — someone who builds and manages financial products — was played entirely by the protocol itself. As a result, user experience was predictable but limited. Strategies were rigid, and reward opportunities were bound to the design choices of a single team. From 2022 onward, this started to change. New protocols such as *Morpho, EigenLayer,* and *Symbiotic* introduced permissionless infrastructure layers, allowing *independent curators* to build and deploy their own vaults and strategies on top of shared infrastructure.

This shift gave rise to what we now call **curator-led DeFi**: an ecosystem where third-party experts design reward-bearing products with diverse risk-return characteristics. These curators: * Choose assets and risk parameters * Combine reward sources across protocols * Manage vault upgrades and performance * Create structured products, including those backed by real-world assets As this design space expands, so does the potential for **sustainable, diversified, and composable rewards**. But it also introduces significant complexity — and that’s where Inception steps in.