Aera

Aera manages treasuries onchain. A DAO or protocol hands it a treasury and Aera rebalances the assets according to rules agreed in advance, without a multisig signing every trade. It was built by the Gauntlet team and applies the same risk modelling to holding money rather than to lending it.

DefiLlama tracks V3 and V2 separately. Treasury management explains the shape of the number here: it moves in large steps when a treasury joins or leaves rather than drifting with market activity, and a handful of clients account for most of it.