how big is the crypto lending market? no one has ever really known now we do based on reviews of public filings, bankruptcy documents, and voluntary disclosures from active lenders, the combined CeFi loan book size at YE 2024 was $11.2bn, down 68% from the 2022 ATH of $34.8bn

based on our research, the largest CeFi lenders by outstanding loan book size as of year-end 2024 are: 1. @Tether_to 2. @galaxyhq 3. @hodlwithLedn 4. @coinbase 5. @maplefinance 6. @unchained 7. @centrifuge 8. @goldfinch_fi 9. @ArchLending 10. @TrueFiDAO

while DeFi is quite transparent, CeFi lending is more opaque. when combined, though, the market is about $30bn in outstanding loans. yes, today DeFi is bigger than CeFi

if we throw in CDP stablecoins (like DAI) it’s more than $35bn

indeed, DeFi now comprises more than 60% of crypto lending

read the entire epic report by @glxyresearch’s wizard @ZackPokorny_ , which also dives deep into DeFi and other types of lending, mechanics, use cases, and much more https://t.co/OhDgkwMzPW

thank you to @hodlwithLedn @unchained @ArchLending and others who graciously shared data with us to help build the most comprehensive report on crypto lending ever

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