According to online reports, Alex Thorn, director 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, as of the end of 2024, the total size of Centralized Finance (CeFi) loans was US$11.2 billion, compared with 2022. The historical peak (ATH) of US$34.8 billion fell by 68%. As of the end of 2024, the largest CeFi lenders based on the size of the outstanding loan book are: Tether, Galaxy, Ledn, Coinbase, Maple, Unchained, Centrifuge, Goldfinch, Arch and TrueFi. While DeFi is fairly transparent, CeFi lending is even more opaque. However, adding the two together, the outstanding loan market size is approximately US$30 billion. Today, DeFi's outstanding loan market exceeds CeFi's. If you add collateralized debt positions (CDP) and stablecoins (such as DAI), the size will exceed US$35 billion. In fact, DeFi currently accounts for more than 60% of the cryptocurrency lending market.