最新报道:On-chain asset management AUM surged 118% to $35 billion in 2025, with Morpho, Pendle, and Maple collectively accounting for 31% of the total. Automated yield strategies dominate at $18 billion AUM, outperforming traditional passive investments by 186bps after fees. While small "shrimp" investors are the majority by number, larger "dolphin" and "whale" investors provide 70-99% of capital. The sector faces risks including smart contract exploits but is projected to grow to $64 billion through institutional adoption and improved infrastructure.