By the end of 2024, the total scale of CeFi loans will be $11.2 billion

According to a report by Jinse Finance, Alex Thorn, head of research at Galaxy Digital, stated in a post on X that based on the review of public documents, bankruptcy filings, and voluntary disclosures from active lenders, the total scale of centralized finance (CeFi) loans is projected to be $11.2 billion by the end of 2024, down 68% from the historical peak (ATH) of $34.8 billion in 2022.

By the end of 2024, based on outstanding loan book size, the largest CeFi lenders will be: Tether, Galaxy, Ledn, Maple, Unchained, Centrifuge, Goldfinch, Arch and TrueFi. While DeFi is relatively transparent, CeFi lending is much less so. However, combined together with an outstanding loan market size estimated at around $30 billion. Currently, the outstanding loan market size for DeFi has surpassed that of CeFi. If we also include collateralized debt position (CDP) stablecoins like DAI , it would exceed $35 billion. In fact , DeFi currently accounts for more than 60% of the cryptocurrency lending market.