Onchain Asset Management is Booming; Here's Where People Are Investing

Onchain asset management is experiencing remarkable growth, with assets under management (AUM) rising by 118% in 2025 to reach $35 billion. The crypto trading firm Keyrock attributes this surge to growth in automated yield vaults, discretionary strategies, structured products, and credit. Notably, discretionary strategies saw a staggering 738% increase, marking them as the standout category. Keyrock forecasts that onchain AUM could reach between $64 billion and $85 billion by 2026, driven largely by institutional inflows. Three protocols, Morpho, Pendle, and Maple, currently control 31% of total AUM, highlighting both their significant market presence and potential concentration risks. Yield vaults serve as the primary entry point for investors, with $18 billion invested. While smaller wallets are predominant in number, whales provide a substantial portion of liquidity, accounting for 70%–99% of capital across various strategies. The report notes that net returns from these onchain investments, although competitive, have matured and are no longer universally higher than traditional finance returns, showcasing a shift towards more sustainable performance metrics.

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