In the past year, we have seen the crypto economy undergo exponential expansion as mounds of money have poured into various cryptocurrencies, decentralized finance (DeFi), non-fungible tokens (NFTs), crypto indices, insurance products, and options markets. decentralized.
Total value locked (TVL) in the DeFi sector across all chains has grown from $18 billion in early 2021 to $240 billion in January 2022. With so much liquidity in the ecosystem, the cryptocurrency lending space has also grown a significant amount, from $60 million in early 2021 to more than $400 million in January 2022.
Despite the exponential growth and innovation in DeFi products, the cryptocurrency lending market remains limited solely to token-backed lending, i.e. pledging a cryptocurrency as collateral to borrow another cryptocurrency.
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