# 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="https://2674700783-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH5cQR703CA1JD1dlB1kD%2Fuploads%2F4uX9HNSOF1qwCSWTLpvg%2Fimage.png?alt=media&#x26;token=3db56e05-9bd1-4c67-84ab-cded4594333e" 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.
