Asia Web3 research and consulting firm Tiger Research analyzed in its report '$147T vs $7B: On-chain Risk Curator Market Analysis' that "the power in the DeFi lending market is shifting from protocols to risk curators." The report stated, "As the on-chain lending structure becomes more specialized, curators responsible for collateral selection and risk assessment are effectively acting as asset managers. Currently, this market is small, valued at approximately $7 billion, but it is in an early stage where capital is concentrated among top players. The key to institutional entry is not whether to participate in DeFi, but the choice of which decision-making powers to delegate externally and which to control directly." It explained that "the level of control and risk assumed varies depending on the three entry strategies: distribution type, supply type, and operation type."
