# Concrete

> Concrete is a DeFi protocol that provides institutional-grade on-chain yield vaults, automated capital allocation, and custody integrations (AssetCX) to enable exchanges, custodians, and issuers to offer yield-bearing on-chain products.

- Canonical URL: https://iq.wiki/wiki/concrete
- Categories: Projects & Protocols
- Tags: Ethereum, DeFi, BNB Chain, Infrastructure, RWA
- Created: 2026-10-12T02:03:18.060Z
- Last updated: 2026-10-12T02:03:18.060Z
- Source: IQ.wiki — the world's largest blockchain and crypto encyclopedia (https://iq.wiki)

---

**Concrete** is a [decentralized finance (DeFi)](https://iq.wiki/wiki/defi) infrastructure project that operates automated yield vaults and on-chain capital-allocation products for both retail users and institutions. Founded in 2023 and built by [Blueprint Finance](https://iq.wiki/wiki/blueprint-finance), the protocol was created in response to the collapse of the FTX exchange in 2022, and its vaults package DeFi strategies into structured, risk-managed products so that depositors do not have to move capital between protocols themselves.[\[1\]](#cite-id-wvd66g2s4g)​[\[2\]](#cite-id-81xk98gnov) 

## Overview

Concrete is presented as a suite of [DeFi](https://iq.wiki/wiki/defi) products that power automated yield strategies for any on-chain asset. Users deposit assets into vaults, and the protocol's quantitative system allocates, rebalances, and compounds yield across on-chain opportunities without further user intervention.[\[5\]](#cite-id-uj63zqwnmd) Rather than requiring users to move between separate money markets, Concrete states it automatically shifts assets to the best-performing protocols and provides a unified experience across multiple [blockchains](https://iq.wiki/wiki/blockchain), which it frames as a remedy for the fragmentation of other DeFi platforms.[\[5\]](#cite-id-uj63zqwnmd) The two user groups the project targets are [liquidity providers](https://iq.wiki/wiki/liquidity-providers) seeking to maximize yield and traders looking for the best rates across integrated DeFi platforms.[\[5\]](#cite-id-uj63zqwnmd)​

Concrete's own platform figures cite approximately $902.3 million in assets on the platform and $11.25 billion in assets processed, and [CoinMarketCap](https://iq.wiki/wiki/coinmarketcap) and [CoinGecko](https://iq.wiki/wiki/coingecko) both describe its infrastructure as supporting crypto-native and real-world assets alike.[\[6\]](#cite-id-0rq5qitc8b)​[\[3\]](#cite-id-jc61oeq3wg) [DefiLlama](https://iq.wiki/wiki/defillama) data cited in October 2026 reporting showed almost all of Concrete's [TVL](https://iq.wiki/wiki/tvl) on [Ethereum](https://iq.wiki/wiki/ethereum) — about $1.18 billion, or 93.6 percent of the total — with activity also tracked on [Stable](https://iq.wiki/wiki/stable), [Arbitrum](https://iq.wiki/wiki/arbitrum), [Berachain](https://iq.wiki/wiki/berachain), [Katana](https://iq.wiki/wiki/katana), and a further chain, giving six active chains in all.[\[1\]](#cite-id-wvd66g2s4g) The same data showed an average annual percentage rate of 7.1 percent for depositors across the 34 tracked yield pools, with earnings varying by vault and by the underlying investments rather than being fixed.[\[1\]](#cite-id-wvd66g2s4g)​

## History

Concrete was developed by [Blueprint Finance](https://iq.wiki/wiki/blueprint-finance) and created in response to the [FTX](https://iq.wiki/wiki/ftx) crash of 2022, with its introductory materials referencing earlier market dislocations such as the May 2021 crypto crash and the FTX and [Terra](https://iq.wiki/wiki/terra) collapses as the kind of severe [liquidation](https://iq.wiki/wiki/liquidation) events the protocol's protection features were designed to address.[\[2\]](#cite-id-81xk98gnov) The project was founded in 2023 and initially focused on automated yield-management tools before expanding into products aimed at institutional clients and asset managers.[\[1\]](#cite-id-wvd66g2s4g)​

On October 29, 2024, Concrete Protocol announced the acquisition of Jet Protocol, an early money market on the [Solana](https://iq.wiki/wiki/solana) [blockchain](https://iq.wiki/wiki/blockchain) that had shut down in May 2024. Concrete stated that a new version of Jet Protocol would be redeployed on [Solana](https://iq.wiki/wiki/solana) and on the [Atlas](https://iq.wiki/wiki/atlas-protocol) [blockchain](https://iq.wiki/wiki/blockchain).[\[2\]](#cite-id-81xk98gnov)​

The protocol's most prominent milestone came in late September 2026 with the launch of its [governance token](https://iq.wiki/wiki/governance-tokens) and the establishment of the Concrete Foundation. The project announced the token, CT, on September 18, 2026, stating that no token claim, presale, or early-access program was active and that details of the token generation event would follow separately.[\[1\]](#cite-id-wvd66g2s4g) CT launched on September 30, 2026, accompanied by the Concrete Foundation, which oversees CT governance and the CT treasury.[\[4\]](#cite-id-u4qcv3klrc)​[\[1\]](#cite-id-wvd66g2s4g) By September 2026 the platform reported over $1.2 billion in deposits.[\[4\]](#cite-id-u4qcv3klrc)​

## Technology and Architecture

At the core of Concrete's design are yield-bearing vaults built on the [ERC-4626](https://iq.wiki/wiki/erc-4626) standard, an [Ethereum](https://iq.wiki/wiki/ethereum) specification for tokenized vaults that extends the [ERC-20](https://iq.wiki/wiki/erc-20) token standard. Under ERC-4626, users deposit ERC-20 assets into a vault and receive proportional shares that can be burned to withdraw the underlying tokens.[\[2\]](#cite-id-81xk98gnov) In Concrete's implementation, depositors of assets such as [Bitcoin (BTC)](https://iq.wiki/wiki/bitcoin-btc), [Ether (ETH)](https://iq.wiki/wiki/ether-eth), or [stablecoins](https://iq.wiki/wiki/stablecoin) receive Concrete Assets denominated as ct\[ASSET] — for example, ctETH — which represent the underlying asset plus accrued yield and can be used as [collateral](https://iq.wiki/wiki/collateral) or staked within the ecosystem.[\[2\]](#cite-id-81xk98gnov)​[\[4\]](#cite-id-u4qcv3klrc) When redemption liquidity is temporarily limited, withdrawal requests enter a redemption queue.[\[2\]](#cite-id-81xk98gnov)​

Concrete describes its network architecture as a Hub-and-Spoke model, in which a Concrete hub hosted on a dedicated application-specific [blockchain](https://iq.wiki/wiki/blockchain) communicates with connected Spoke Chains using [LayerZero](https://iq.wiki/wiki/layerzero) cross-chain messaging. Its integration targets span the [Ethereum Virtual Machine](https://iq.wiki/wiki/ethereum-virtual-machine-evm) (EthereumVM), SolanaVM, and MoveVM execution environments.[\[2\]](#cite-id-81xk98gnov) Deposited funds within a vault are split into two categories: a portion actively managed across money markets and strategies to optimize returns, and a portion reserved to support the platform's loan-protection system.[\[2\]](#cite-id-81xk98gnov)​

A quantitative component called the Probability Engine applies statistical methods to estimate the likelihood that [collateral](https://iq.wiki/wiki/collateral) will depreciate and to set up automated protection agreements that fund positions approaching [liquidation](https://iq.wiki/wiki/liquidation) thresholds.[\[2\]](#cite-id-81xk98gnov) The protocol combines this with a vault framework, multiple chain integrations, and quantitative analysis tools delivered as a full backend service for automated, audited vaults.[\[1\]](#cite-id-wvd66g2s4g)​

### Audits

Concrete has stated its vaults are audited, promoting the claim "Audited By The Best."[\[6\]](#cite-id-0rq5qitc8b) The CT token was subject to a core audit and a supplemental audit by the security firm Halborn.[\[7\]](#cite-id-54tprbpky7) A 2025 audit of Concrete conducted by the firm Zellic reported 25 issues, including two critical findings and six noncritical findings in the smart-contract code reviewed.[\[1\]](#cite-id-wvd66g2s4g) Reporting on the protocol notes that because Concrete relies on other [smart contracts](https://iq.wiki/wiki/smart-contract) and [DeFi](https://iq.wiki/wiki/defi) products, depositors remain exposed to smart-contract and liquidity risks that audits can mitigate but not eliminate, with custody-related products carrying additional dependencies.[\[1\]](#cite-id-wvd66g2s4g)​

## Products

Concrete's current product lines are organized around public vaults, a white-label enterprise offering, and a custody-integration product, with additional borrowing and protection modules described as part of its longer-term plans.[\[4\]](#cite-id-u4qcv3klrc)​

The consumer-facing product Concrete Earn allows [liquidity providers](https://iq.wiki/wiki/liquidity-providers) to deposit assets into [ERC-4626](https://iq.wiki/wiki/erc-4626) vaults and receive automated yield optimization across multiple [DeFi](https://iq.wiki/wiki/defi) protocols.[\[2\]](#cite-id-81xk98gnov) The Earn vaults continuously reallocate deposited assets to the highest-yielding opportunities, integrating with multiple money markets and rebalancing between them as market conditions change.[\[5\]](#cite-id-uj63zqwnmd) Concrete describes the experience as depositing once and letting its quantitative system handle allocation, rebalancing, and compounding, with an interface designed so users do not need to connect to multiple platforms, understand complex protocols, switch networks, or monitor markets.[\[6\]](#cite-id-0rq5qitc8b)​[\[5\]](#cite-id-uj63zqwnmd)​

The Enterprise offering is described as a white-label solution for institutions such as exchanges, wallets, custodians, and asset issuers, allowing them to launch on-chain financial products.[\[6\]](#cite-id-0rq5qitc8b)​[\[3\]](#cite-id-jc61oeq3wg)​

AssetCX is a custody-integration product that connects institutional custody partners directly to the protocol so that assets can earn yield while remaining in secure custody.[\[4\]](#cite-id-u4qcv3klrc) Concrete states that through AssetCX, assets can remain in the custody of centralized finance platforms while earning yield on Concrete's infrastructure, and that it integrates with qualified custodians to bring more assets on-chain.[\[6\]](#cite-id-0rq5qitc8b)​[\[3\]](#cite-id-jc61oeq3wg) The product creates on-chain tokens representing assets held at approved custodians, and prospective institutional users request access through an enquiry flow to join Concrete's custodian and yield-earning products.[\[1\]](#cite-id-wvd66g2s4g)​[\[6\]](#cite-id-0rq5qitc8b)​

Earlier documentation described lending and protection products that Concrete has framed as part of its vision for a complete DeFi suite. Concrete Borrow (Lite) was described as aggregating lending rates across money markets including [Aave](https://iq.wiki/wiki/aave), Radiant, [Silo](https://iq.wiki/wiki/silo-finance), and [Compound](https://iq.wiki/wiki/compound), with Concrete covering the [gas](https://iq.wiki/wiki/gas) fees for initiating loans and offering a unified portfolio page for monitoring loans across multiple lenders and chains.[\[2\]](#cite-id-81xk98gnov) Concrete Protect was described as providing credit lines that improve a loan's loan-to-value ratio to protect borrowers from [liquidation](https://iq.wiki/wiki/liquidation) when [collateral](https://iq.wiki/wiki/collateral) falls; protection was deployed in capital tranches that add buffers, and if all tranches are exhausted the protocol stated it would "ensure a more favorable exit by returning any remaining assets." Borrowers activated protection by paying a small fee.[\[2\]](#cite-id-81xk98gnov) Vault depositors were described as receiving a share of the fees generated by these protection services, including fees for opening and canceling protection plans and fees from claims triggered during protection.[\[2\]](#cite-id-81xk98gnov)​

Concrete has said it plans to reintroduce borrowing and protection mechanisms that integrate natively with its existing Earn vault infrastructure. These planned layers include access to liquidity without traditional [liquidation](https://iq.wiki/wiki/liquidation) risk through future borrowing products — allowing users to borrow [stablecoins](https://iq.wiki/wiki/stablecoin) or other assets against deposits without selling long-term holdings such as [Ethereum](https://iq.wiki/wiki/ethereum) — and optional protection modules offering multi-layered liquidation protection that monitors positions and injects credit when needed.[\[5\]](#cite-id-uj63zqwnmd)​

## Ecosystem and Partnerships

As of February 2025 the vaults operated a deposit-and-yield model, and Concrete had partnered with [Morph](https://iq.wiki/wiki/morph), [Berachain](https://iq.wiki/wiki/berachain), [Ethena](https://iq.wiki/wiki/ethena) Labs, and Movement to create vaults.[\[2\]](#cite-id-81xk98gnov) Through a partnership with Movement Labs, the Movement vault gives users access to yields in the Movement ecosystem and supports BTC, [stablecoins](https://iq.wiki/wiki/stablecoin), and the MOVE token sourced from leading asset issuers, with Concrete managing the [stablecoin](https://iq.wiki/wiki/stablecoin) vault that supports [Ethena](https://iq.wiki/wiki/ethena)'s [USDe](https://iq.wiki/wiki/usde) synthetic dollar.[\[2\]](#cite-id-81xk98gnov) A partnership with Morph — described as an [Ethereum](https://iq.wiki/wiki/ethereum) [Layer 2](https://iq.wiki/wiki/layer-2) using a hybrid optimistic and zero-knowledge rollup scaling solution — opened automated yields across Morph's DeFi ecosystem, with supported assets including AUSD, USDe, [sUSDe](https://iq.wiki/wiki/ethena-staked-usde-susde), [weETH](https://iq.wiki/wiki/wrapped-etherfi-eth-weeth), [WETH](https://iq.wiki/wiki/weth-wrapped-eth), [WBTC](https://iq.wiki/wiki/wrapped-bitcoin-wbtc), [USDC](https://iq.wiki/wiki/usdc), and [USDT](https://iq.wiki/wiki/tether).[\[2\]](#cite-id-81xk98gnov)​

The broader ecosystem spans several additional integrations. On [Berachain](https://iq.wiki/wiki/berachain), an [EVM](https://iq.wiki/wiki/ethereum-virtual-machine-evm)-identical [Layer 1](https://iq.wiki/wiki/layer-1) using [Proof-of-Liquidity](https://iq.wiki/wiki/pol-proof-of-liquidity) consensus, Concrete managed the Boyco deposit campaign in partnership with Ethena, a campaign that had ended as of February 2025.[\[2\]](#cite-id-81xk98gnov) Lombard Protocol supplies LBTC, a liquid yield-bearing [Bitcoin](https://iq.wiki/wiki/bitcoin) token that users can deposit into Concrete vaults, while [Solv Protocol](https://iq.wiki/wiki/solv-protocol) enables [Bitcoin](https://iq.wiki/wiki/bitcoin) [staking](https://iq.wiki/wiki/staking) and bridging so that BTC can be deposited into Concrete vaults through its Staking Abstraction Layer.[\[2\]](#cite-id-81xk98gnov) The synthetic-dollar protocol Ethena contributes [USDe](https://iq.wiki/wiki/usde), [sUSDe](https://iq.wiki/wiki/ethena-staked-usde-susde), and its [ENA](https://iq.wiki/wiki/ena) token as deposit assets, and Conduit, a Rollup-as-a-Service provider supporting the [Optimism](https://iq.wiki/wiki/optimism) and [Arbitrum](https://iq.wiki/wiki/arbitrum) frameworks, is listed among the ecosystem's infrastructure partners.[\[2\]](#cite-id-81xk98gnov)​

## CT Token

CT is the native governance and configuration token of the Concrete ecosystem, implemented as a standard [ERC-20](https://iq.wiki/wiki/erc-20) token on [Ethereum](https://iq.wiki/wiki/ethereum) and also deployed on [BNB Chain](https://iq.wiki/wiki/binance-smart-chain).[\[4\]](#cite-id-u4qcv3klrc)​[\[7\]](#cite-id-54tprbpky7) It launched in its token generation event on September 30, 2026.[\[1\]](#cite-id-wvd66g2s4g) The token has a fixed, capped supply of 1,000,000,000 (one billion) CT with no inflation mechanism; its total and maximum supply are both reported as one billion.[\[4\]](#cite-id-u4qcv3klrc)​[\[3\]](#cite-id-jc61oeq3wg) The token contract address is 0x0a092e544da31150b439a1aaa1a3a2214a867f46, verifiable on explorers including Etherscan and BscScan.[\[8\]](#cite-id-aie5silerl)​

The token's supply is allocated across four pools: 35 percent to the ecosystem for community distribution, liquidity, and growth; 28 percent to investors; 22 percent to the team; and 15 percent to the Concrete Foundation for security, governance, and development.[\[4\]](#cite-id-u4qcv3klrc) The ecosystem allocation is further divided between community and [liquidity pools](https://iq.wiki/wiki/liquidity-pool).[\[1\]](#cite-id-wvd66g2s4g) Team and investor allocations are subject to long-term vesting schedules, though full date-by-date vesting details were not disclosed in the reviewed materials.[\[4\]](#cite-id-u4qcv3klrc)​[\[1\]](#cite-id-wvd66g2s4g)​

In terms of utility, eligible holders who lock CT can vote on protocol configuration, including approving new yield strategies, classifying [collateral](https://iq.wiki/wiki/collateral), setting fee frameworks, and managing treasury policies — governance that extends across Concrete's Earn, Vaults, Enterprise, and AssetCX products.[\[4\]](#cite-id-u4qcv3klrc)​[\[1\]](#cite-id-wvd66g2s4g) [Staking](https://iq.wiki/wiki/staking) CT may provide predefined adjustments to protocol-side fees for a user's own activity and can make stakers eligible for participation-based rewards, though specific reward rates are not guaranteed.[\[4\]](#cite-id-u4qcv3klrc) The project has said it plans to move further hard-coded decisions to token-based governance over time.[\[1\]](#cite-id-wvd66g2s4g) The token confers no economic claim on the protocol: Concrete states that CT does not confer ownership, equity, debt, dividend, profit-sharing, or claim rights over the protocol or its assets.[\[7\]](#cite-id-54tprbpky7)​[\[4\]](#cite-id-u4qcv3klrc)​

CT spot trading began on September 30, 2026, on several [centralized exchanges](https://iq.wiki/wiki/cex-centralized-exchange), and derivatives markets listing CT perpetual contracts were subsequently introduced on major derivatives platforms.[\[1\]](#cite-id-wvd66g2s4g)​[\[8\]](#cite-id-aie5silerl)​

At launch, Concrete's disclosures did not include verified information about CT's [circulating supply](https://iq.wiki/wiki/circulating-supply), and third-party trackers including [CoinGecko](https://iq.wiki/wiki/coingecko) and [CoinMarketCap](https://iq.wiki/wiki/coinmarketcap) lacked circulating-supply data for the token.[\[1\]](#cite-id-wvd66g2s4g)​[\[3\]](#cite-id-jc61oeq3wg) As a newly traded asset, CT carried lower liquidity than established tokens, and the gradual vesting and release of team and investor allocations introduced the prospect of future supply entering the market.[\[1\]](#cite-id-wvd66g2s4g)​

Under the European Union's Markets in Crypto-Assets Regulation (MiCAR), Concrete Network, Ltd. is identified as the person seeking admission of CT to trading.[\[7\]](#cite-id-54tprbpky7) The project's marketing communications carry the standard disclosure that they have not been reviewed or approved by any competent authority in any EU member state and that the person seeking admission to trading is solely responsible for their content.[\[6\]](#cite-id-0rq5qitc8b)​

## Funding

Concrete has raised capital across several rounds since its creation. An early funding round raised $7.5 million, led by [Hashed](https://iq.wiki/wiki/hashed) and Tribe Capital, with additional participation from SALT, Kyber, Hypersphere, Awesome People Ventures, [Avalanche](https://iq.wiki/wiki/avalanche) Foundation, and Terra Nova.[\[2\]](#cite-id-81xk98gnov) In June 2025, Concrete raised $9.5 million in a round led by Polychain, with participation from YZi Labs, VanEck, [BitGo](https://iq.wiki/wiki/bitgo), [Gate](https://iq.wiki/wiki/gate) Ventures, and other investors.[\[1\]](#cite-id-wvd66g2s4g) [DefiLlama](https://iq.wiki/wiki/defillama) lists $17 million in total disclosed funding across the 2024 and 2025 rounds.[\[1\]](#cite-id-wvd66g2s4g)​

In August 2026, [Blueprint Finance](https://iq.wiki/wiki/blueprint-finance) said it had closed a strategic investment round led by [Polychain Capital](https://iq.wiki/wiki/polychain-capital), with an undisclosed amount. Other investors in that round included [Bullish](https://iq.wiki/wiki/bullish), Keyrock, [BitGo](https://iq.wiki/wiki/bitgo), FalconX, G-20, Flowdesk, JPEG Trading, Sentient Capital, Andes, and 2Square. The round drew venture capital, market-making, and custodial-services firms and was intended to expand the institutional [DeFi](https://iq.wiki/wiki/defi) services Concrete provides.[\[1\]](#cite-id-wvd66g2s4g)​

Reporting on the protocol presents its on-chain economics as indicators of activity. [DefiLlama](https://iq.wiki/wiki/defillama) data cited in October 2026 showed Concrete earned about $2.34 million in fees over a 30-day period, with protocol fees to date totaling about $5.02 million and total protocol revenue to date of about $396,000; the protocol's TVL had risen 9.6 percent over the preceding 30 days.[\[1\]](#cite-id-wvd66g2s4g)​

## Governance and Organization

Concrete's governance and legal structure is split between an operating entity and a foundation. Concrete Network, Ltd., incorporated in the British Virgin Islands, issued CT and is the official token issuer, while the Concrete Foundation, based in the Cayman Islands, coordinates governance and administers the CT treasury.[\[4\]](#cite-id-u4qcv3klrc)​[\[7\]](#cite-id-54tprbpky7) Decision-making over the protocol's financial operating system is intended to be decentralized through CT: holders who lock the token gain the authority to approve strategies, classify [collateral](https://iq.wiki/wiki/collateral), set fees, and direct treasury policy, with the stated intent of progressively shifting control from hard-coded parameters to on-chain governance.[\[4\]](#cite-id-u4qcv3klrc)​

The protocol is built by [Blueprint Finance](https://iq.wiki/wiki/blueprint-finance). Its leadership includes Nic Roberts-Huntley as co-founder and chief executive, who has been described as a former vice president at a United States venture capital firm and a holder of an MBA from the University of Oxford; Dillon Liang (also rendered Dillon Lang) as co-founder, previously a venture capital fundraiser and a graduate of the University of California, Los Angeles; and Graeme Barnes as co-founder and head of product.[\[1\]](#cite-id-wvd66g2s4g)​[\[2\]](#cite-id-81xk98gnov)​

Within the broader DeFi market, [DefiLlama](https://iq.wiki/wiki/defillama) classifies Concrete as an on-chain capital allocator rather than a conventional lending market. By TVL its roughly $1.26 billion placed it below [Aave](https://iq.wiki/wiki/aave), at about $19.35 billion, and [Morpho](https://iq.wiki/wiki/morpho), at about $11.35 billion, but above Euler, at about $355 million. Reporting contrasts Concrete's model — automated capital allocation across multiple DeFi strategies — with Aave's non-custodial lending, [Morpho](https://iq.wiki/wiki/morpho)'s lending and isolated markets, and Euler V2's modular [ERC-4626](https://iq.wiki/wiki/erc-4626) vault lending.[\[1\]](#cite-id-wvd66g2s4g)​