Onchain Asset Management AUM Surges 118% to $35 Billion in 2025
Keyrock, a crypto trading firm, reports significant growth in onchain asset management for 2025.
- Assets under management (AUM) surged 118% to $35 billion, driven by automated yield vaults, discretionary strategies, structured products, and credit.
- The sector could reach $64 billion by 2026 or $85 billion if current growth persists.
- Discretionary strategies increased by 738% year-to-date, establishing onchain investing as a credible alternative to traditional finance.
- Morpho, Pendle, and Maple control 31% of the industry's AUM, highlighting scaling leadership and protocol concentration risk.
- Yield vaults have $18 billion in deposits and are the primary entry point for allocators.
- Whales and dolphins provide the majority of liquidity, contributing 70%-99% of capital across strategies.
- Net returns are competitive with traditional markets; automated yield vaults outperformed by 186 basis points after fees.
- Discretionary strategies offered hedge fund-like results with added liquidity and transparency benefits.
Keyrock expanded into asset and wealth management by acquiring Turing Capital, a Luxembourg fund manager.