On-chain asset management has seen a significant surge in assets under management (AUM), reaching $35 billion in 2025, marking a 118% increase, according to a report by Keyrock and Maple Finance. The growth is attributed to automated yield strategies, discretionary strategies, structured products, and on-chain credit. Protocols such as Morpho, Pendle, and Maple are key contributors, collectively accounting for 31% of the total AUM. The report highlights that larger investors, including 'dolphins' and 'whales,' are responsible for 70-99% of the capital. Automated yield strategies lead the sector with $18 billion in AUM, outperforming traditional passive investments by 186 basis points after fees. Despite the growth, the report warns of risks like smart contract exploits and variable returns. Looking forward, AUM is projected to reach $64 billion, driven by institutional adoption and increased liquidity.