Alex Thorn, head of research at Galaxy Digital, said in a post on X that based on a review of public filings, bankruptcy filings, and voluntary disclosures from active lenders, the total size of centralized finance (CeFi) loans at the end of 2024 was $11.20 billion, down 68% from the historical peak (ATH) of $34.80 billion in 2022. By the end of 2024, the largest CeFi lenders in terms of outstanding loan book size were: Tether, Galaxy, Ledn, Coinbase, Maple, Unchained, Centrifuge, Goldfinch, Arch, and TrueFi.
While DeFi is fairly transparent, CeFi lending is even more opaque. However, combined, the size of the outstanding loan market is about $30 billion. Today, the size of the DeFi outstanding loan market exceeds that of CeFi. If you add in collateralized debt position (CDP) stablecoins such as DAI, the size will exceed $35 billion. In fact, DeFi currently accounts for more than 60% of the cryptocurrency lending market.
Total size of CeFi loans by the end of 2024 is $11.20 billion
2025-04-15 01:52:56
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