On-Chain Asset Management Soars to $35B: Keyrock & Maple Report

On-chain asset management is booming, hitting $35B AUM. Keyrock and Maple Finance highlight key trends and the rise of automated yield strategies.

On-Chain Asset Management Soars to $35B: Keyrock & Maple Report

On-chain asset management is having a banner year, with assets under management (AUM) more than doubling to $35 billion. A recent report from Keyrock and Maple Finance sheds light on this explosive growth.

Key Findings: AUM Skyrockets

The report highlights a surge of 118% in total AUM across various on-chain strategies in 2025. Automated yield strategies, discretionary strategies, structured products, and on-chain credit are all contributing to this impressive figure.

Protocols like Morpho, Pendle, and Maple are leading the charge, accounting for a significant portion of the total value locked (TVL) on-chain. These platforms offer innovative ways for investors to participate in the decentralized finance (DeFi) ecosystem.

Shrimps, Dolphins, and Whales: Who's Driving the Growth?

While the majority of depositors are smaller investors (dubbed "shrimps"), the bulk of the capital comes from larger players – "dolphins" and "whales." These bigger investors are fueling the growth of on-chain AUM, providing the lion's share of the capital.

Automated Yield: The Gateway to On-Chain AM

Automated yield strategies are proving to be a popular entry point for allocators, representing the largest share of AUM at $18 billion. These strategies offer a convenient and accessible way to earn yield on digital assets.

On-Chain vs. TradFi: A New Paradigm?

The report suggests that on-chain strategies are maturing and delivering competitive returns, often with greater transparency and accessibility than traditional financial products. However, it also acknowledges the inherent risks, including smart contract exploits and market capacity limitations.

Looking Ahead: Growth on the Horizon

Keyrock and Maple anticipate continued growth in the on-chain asset management space, projecting AUM could reach $64 billion in the next cycle. They envision on-chain asset management becoming a fundamental part of the global financial landscape, driven by innovation, composability, and increasing institutional adoption.

The Maple Syrup Effect

Maple's recent success with its syrupUSD pre-deposit vault, filling almost instantly, underscores the growing demand for on-chain financial products. The future looks bright for on-chain asset management, folks!