“Vault” is everywhere in RWA and DeFi right now. But what actually makes something a vault? It’s more than tokenizing an asset. A real vault has multiple layers: 1️⃣ Asset: what’s being held 2️⃣ Custody: where and under what rules 3️⃣ Mechanism: what the vault actually does 4️⃣ Income: where additional return comes from 5️⃣ Reporting: how users verify it all Most RWA products stop the conversation at: “We tokenized X.” But tokenization is only layer one. The real differentiation happens in everything built on top of it: custody, strategy, income generation, and transparency. That’s where RWAs start becoming financial products, not just digital representations of assets.