Alex Thorn, research director at Galaxy Digital, stated in an article on X that based on a review of public documents, bankruptcy filings, and voluntary disclosure of information by active lenders, as of the end of 2024, the total size of centralized finance (CeFi) loans was $11.2 billion, a 68% decrease from the historical peak of $34.8 billion (ATH) in 2022. As of the end of 2024, based on the size of outstanding loan books, the largest CeFi lenders are Tether, Galaxy, Ledn, Coinbase, Maple, Unchained, Centrifuge, Goldfinch, Arch, and TrueFi. Although DeFi is quite transparent, CeFi lending is even more opaque. However, when the two are added together, the size of the outstanding loan market is approximately $30 billion. Nowadays, the market size of DeFi's outstanding loans has surpassed that of CeFi. If combined with collateralized debt position (CDP) stablecoins (such as DAI), the scale will exceed $35 billion. In fact, DeFi currently accounts for over 60% of the cryptocurrency lending market.
