A leading compliant platform has recently disclosed impressive data—its lending volume based on crypto assets has surpassed $1 billion. What does this reflect? What was once a given in traditional finance is now starting to take hold in the Web3 world. Using digital assets as collateral to obtain liquidity—this model has long been operational in DeFi protocols, and now mainstream platforms are taking it seriously, indicating that market demand for such services is real. From the user's perspective, being able to hold onto their tokens while also unlocking asset value—this kind of product design truly hits the pain points of the crypto world. However, it’s important to note that the quality of collateral, liquidation mechanisms, and risk management details are the key factors that will determine how far this business can go.