Onchain Risk Curators: $147T vs $7B Market Gap

Tiger Research looks at how authority in DeFi lending is shifting from protocols to curators, and why market entry comes down to one choice: borrow this judgment, supply it, or own it. Key Takeaways A distinct asset manager role has taken shape in DeFi, displacing the era when protocols and governance owned all decision-making. The market is in its early stages, yet capital and distribution are already concentrating around top curators — their track records setting the emerging institutional standard.