PANews reported on April 15 that Alex Thorn, head of research at Galaxy Digital, said in a post on X that based on a review of public documents, bankruptcy documents, and voluntary disclosures by active lenders, by the end of 2024, the total size of centralized finance (CeFi) loans was $11.2 billion, down 68% from the historical peak (ATH) of $34.8 billion in 2022. By the end of 2024, the largest CeFi lenders by outstanding loan book size were: Tether, Galaxy, Ledn, Coinbase, Maple, Unchained, Centrifuge, Goldfinch, Arch, and TrueFi. While DeFi is fairly transparent, CeFi lending is more opaque. However, when combined, the outstanding loan market size is about $30 billion. Today, the outstanding loan market size of DeFi has surpassed CeFi. If you add 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.