Keyrock Report Shows Onchain Asset Management Surging in 2025

Onchain asset management is experiencing a record-breaking year, according to a new report from crypto trading firm Keyrock. The company revealed that assets under management (AUM) in the sector have soared 118% in 2025, climbing to $35 billion. This rapid growth has been fueled by automated yield vaults, discretionary strategies, structured products, and onchain credit solutions, highlighting decentralized finance’s (DeFi) growing role in global markets.

Keyrock forecasts that onchain AUM could nearly double again by 2026. The base case scenario predicts $64 billion, while a more optimistic outlook places potential growth as high as $85 billion if the current momentum continues.

Among the standout performers this year were discretionary strategies, which surged 738% year-to-date. These strategies are increasingly being seen as a credible alternative to traditional finance, offering hedge fund-like results but with added benefits such as liquidity and transparency.

The report also underscored the dominance of three key protocols—Morpho, Pendle, and Maple—which collectively hold 31% of the sector’s AUM. While this reflects strong scaling leadership, it also raises concerns about concentration risk. Yield vaults remain the main entry point for investors, attracting $18 billion in deposits.

Despite the large number of small wallets participating, the bulk of capital comes from whales and dolphins, who contribute between 70% and 99% of liquidity across different strategies. Performance has matured as well, with net returns now competitive with traditional markets, though not universally higher. Automated yield vaults outperformed their TradFi counterparts by around 186 basis points after fees, while structured products and onchain credit lagged slightly once costs were accounted for.

Keyrock’s expansion into asset and wealth management also gained momentum this year through its acquisition of Turing Capital, a Luxembourg-based fund manager, strengthening its position in Europe’s growing digital asset ecosystem.