# 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.

<figure><img src="/files/xk2TnGaOsu0MP0gok98q" alt=""><figcaption><p>The Evolution of DeFi</p></figcaption></figure>

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.


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