🧵1/5 DeFi has grown up. 2025 is less yield farming and more about programmable, auditable asset management, where capital, code, and compliance align. Onchain asset management (AM) isn’t a niche; it’s a new operating model. 👇Here’s the stack

2/5 Onchain AM is modular: • Curator layer translates investment intent into code • Tokenization layer handles issuance/redemptions, transfer rules, fees. • Data & risk layer provides on-chain pricing, NAV, controls. Strategies range from automated yields to discretionary, structured, credit, and index exposures. Composable by design.

3/5 Curators are the connective tissue and their market is growing. They align capital, code, and governance, turning idle assets into risk adjusted strategies you can verify onchain. A large share of crypto still sits unproductive. The opportunity? Transparent pathways to productive capital without surrendering sovereignty.

4/5 The vault tokenization layer is the canvas. • Client owned wallets keep control • Delegated administration and execution create clear lines of responsibility • Queues, fees, transfer rules = predictable ops Today this often runs on protocols such as @enzymefinance and integrates with vault venues like @MorphoLabs for strategy expression.