链上资产管理飙升至$ 35B：KeyRock＆Maple报告

链上资产管理正在蓬勃发展，达到35B美元的AUM。 KeyRock和Maple Finance强调了关键趋势以及自动产量策略的兴起。

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

链上资产管理飙升至$ 35B：KeyRock＆Maple报告

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.

链上资产管理的旗帜一年，资产正在管理（AUM）增加一倍以上，达到350亿美元。 KeyRock和Maple Finance的最新报告阐明了这种爆炸性的增长。

Key Findings: AUM Skyrockets

主要发现：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.

该报告重点介绍了2025年各种链上策略的总AUM的增长118％。自动产量策略，可酌情策略，结构化产品和链链信贷都为这一令人印象深刻的数字做出了贡献。

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.

Morpho，Pendle和Maple等协议正在领导收费，占总价值锁定（TVL）链链的很大一部分。这些平台为投资者提供了创新的方式参与分散的金融（DEFI）生态系统。

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

虾，海豚和鲸鱼：谁在推动增长？

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.

尽管大多数存款人是较小的投资者（称为“虾”），但大部分首都来自较大的参与者 - “海豚”和“鲸鱼”。这些更大的投资者正在推动链上AUM的增长，从而提供了首都的股份。

Automated Yield: The Gateway to On-Chain AM

自动产量：通往链链的门户

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.

事实证明，自动收益策略是分配者的流行切入点，代表AUM最大的份额，为180亿美元。这些策略提供了一种方便且可访问的方式来赚取数字资产的收益率。

On-Chain vs. TradFi: A New Paradigm?

链与Tradfi：新范式？

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.

该报告表明，与传统金融产品相比，链上策略正在成熟并提供竞争性回报，通常具有更大的透明度和可访问性。但是，它还承认固有的风险，包括智能合约利用和市场容量限制。

Looking Ahead: Growth on the Horizon

展望未来：地平线增长

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.

KeyRock和Maple预计，链链资产管理领域的持续增长，预测AUM在下一个周期中可能会达到640亿美元。他们设想在创新，合成性和增加机构采用的推动下，链链资产管理成为全球金融环境的基本组成部分。

The Maple Syrup Effect

枫糖浆效果

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!

Maple最近通过其糖浆前的穹顶上的保管库即时填充了糖浆的成功，这突显了对链金融产品的不断增长的需求。伙计们，对链资产管理的未来看起来很光明！