Wu learned that according to CryptoQuant data, the CeFi lending market size fell by 6% quarter-over-quarter to $23.3 billion in the second quarter of this year, marking the first contraction since Q3 2024. Among them, Tether's lending business scale decreased by 7% quarter-over-quarter but still held a 68% market share; Nexo, Maple, and Coinbase were the only three lending institutions to achieve growth. On the other hand, Galaxy and Ledn saw their lending scales drop by 21% and 19%, respectively, making them the institutions with the largest declines in this deleveraging cycle.

NEXO5.39%
SYRUP7.97%
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DeepSeaColdStart
· 15h ago
Tether's 68% market share is a bit scary. Is it really healthy for one company to dominate?
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L2NightCourier
· 15h ago
Ledn fell 19%... Retail investors really can't hold up in a high interest rate environment.
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PfpArchaeologist
· 15h ago
Could the Q2 contraction be related to the diversion of ETF funds? It feels like smart money is shifting.
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FragmentedSilverStarMap
· 15h ago
Nexo and Maple actually managed to grow against the trend, did they pick the right track?
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