Concrete

Thesis

Concrete (by Blueprint Finance) is a full-stack DeFi yield infrastructure protocol providing automated ERC-4626 vault products that route deposits into optimized strategies across Aave, Compound, Morpho, and other lending markets. Current TVL stands at $1.04B, with 87% on Ethereum. The protocol raised $17M total: $7.5M Series A (Hashed, Tribe Capital) and $9.5M (Polychain Capital, YZi Labs/Binance Labs, VanEck, Selini Capital, Portal Ventures, Gate Ventures, BitGo). The team includes alumni from EigenLayer (Head of Sales), Maple Finance (Head of Product), Euler (Smart Contract Lead), and Consensys (Staff Technical Lead). An active Bags/Points campaign is live with Phase 1 (social quests) active and Phase 2 (vault deposits) coming. This is a textbook pre-TGE setup. Token launch expected Q2-Q3 2026 at $1-3B FDV with 5-8% allocated to airdrop. The 73.6% TVL growth in 7 days signals accelerating capital inflows driven by airdrop anticipation. Key risk: Most V1 vaults are marked 'Deprecated,' suggesting mid-migration from V1 to V2. If V2 launch is delayed or buggy, TVL could collapse. Revenue capture is limited ($371K cumulative) despite $3.34M annualized fees.

Catalysts

• +Active Bags/Points campaign with Phase 2 (vault deposits) imminent, signaling Q2-Q3 2026 TGE
• +73.6% TVL growth in 7 days driven by airdrop anticipation and institutional capital
• +$17M raised from Polychain, YZi Labs (Binance), VanEck with team from EigenLayer, Maple, Euler

Risks

• -Most V1 vaults deprecated; mid-migration to V2 architecture creates execution risk
• -Only $371K cumulative revenue despite $1.04B TVL suggests limited product-market fit beyond yield
• -Token launch delay to 2027 could cause TVL rotation to competitors

Common questions