Asia Web3 research and consulting firm Tiger Research diagnosed in a report that "the criterion for determining success or failure in the future on-chain asset management market will be the ability to structurally bear regulatory costs and demonstrate legal responsibility." The report stated, "The U.S. Securities and Exchange Commission (SEC) recently pointed out that on-chain vault and lending strategies could be subject to securities law regulations. In this case, an on-chain asset management market worth approximately $25.9 billion would fall under potential influence. Existing DeFi projects are already responding to these regulatory movements, but this is merely a temporary measure to buy time. It predicted that "once a clearer regulatory framework is established, only curators with capital will survive, and small and medium-sized curators without it will be eliminated."
