Inside the $37B Crypto Lending Market

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Welcome to The Mining Pod! Today, Will and Colin dissect Galaxy's report on the crypto lending market. The crypto lending sector crashed 80% after peaking at $64.4 billion in Q4 2021 following failures at Genesis, BlockFi, and Celsius which fissured the lending landscape during bitcoin’s 2022 bear market. Since then, DeFi lending has surged 959% to $19.1 billion and has now overtaken centralized lending. Plus, Tether emerged from the bear market as the dominant player in centralized lending, why ASIC-backed loans haven’t recovered from 2021’s go-go days, and why bitcoin miners will increasingly leverage their HODL to access financing.

# Notes:

- Crypto lending market: $36.5B in Q4 2024

- DeFi lending grew 959% since Q4 2022

- Tether controls ~70% of centralized lending

- ASIC-backed loans collapsed in 2022

- Large miners beginning Bitcoin lending operations

- Interest rates lower in DeFi vs. OTC markets

00:00 Start

03:34 Why does lending matter?

05:56 Lender types

07:02 DeFi loan market

08:30 Lending market growth

24:47 Future of the lending market

25:41 Lava

27:02 AAVE

28:22 Interest rates

31:54 Predictions: Miners using BTC as collateral

33:22 Predictions: Rates converging with tradfi

35:10 Predictions: Retail lending products

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