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Everyone knows but doesn't want to say the fact: before ERC-4626 appeared, the DeFi vault ecosystem was in chaos.
Each protocol was reinventing the wheel. Deposit logic varied widely, withdrawal calculation methods were diverse, and share accounting was all custom implementations, with risks hidden in the myriad of custom code.
What was the result? User experience was terrible—every interaction required re-understanding a new set of logic. Developers also had a tough time—integration became a fragile puzzle game. Ecosystem fragmentation was becoming more severe.
The emergence of ERC-4626 changed all that. A unified Vault standard made integration between different protocols possible, and user experience became more predictable. This is the power of standardization.