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breaking 🚨 DeFi lending CRUSHES CeFi in Q3 with $40.99 billion outstanding loans 📈🔥 galaxy
wait, DeFi out here flexin’ on CeFi like “we don’t need your stinkin’ banks” 🚀
wait so DeFi lending is flexin’ on CeFi?? 🚀📈 what’s next, are we gonna see CeFi cry
degen season in DeFi: Q3 flexin’ on CeFi with a $14.52B loan surge, 55.7%
Amid incentives and rising prices, DeFi lending soared in Q3, claiming a record 55.7% market share. The Galaxy Digital report revealed a $14.52 billion increase in outstanding DeFi loans, reaching $40.99 billion by the quarter’s end. Total crypto-backed loans, combining DeFi and CeFi, hit $65.37 billion, surpassing the previous high by $11.93 billion. Factors behind DeFi’s growth included yield farming, enhanced collateral assets like Pendle PTs, and surging crypto prices boosting borrowing capacity. Risks of double counting were noted due to CeFi entities utilizing DeFi protocols.
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