THE MINING POD: Inside the $37B Crypto Lending Market
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 13 May 2025
⏱️ 38 minutes
🧾️ Download transcript
Summary
Colin and Will break down Galaxy's report on crypto’s $36.5 billion lending market.
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Welcome to The Mining Pod! Today, Will and Colin dissect Galaxy's report on the crypto lending market. The crypto lending sector crashed 80% after peaking at $64.4 billion in Q4 2021 following failures at Genesis, BlockFi, and Celsius which fissured the lending landscape during bitcoin’s 2022 bear market. Since then, DeFi lending has surged 959% to $19.1 billion and has now overtaken centralized lending. Plus, Tether emerged from the bear market as the dominant player in centralized lending, why ASIC-backed loans haven’t recovered from 2021’s go-go days, and why bitcoin miners will increasingly leverage their HODL to access financing.
# Notes:
- Crypto lending market: $36.5B in Q4 2024
- DeFi lending grew 959% since Q4 2022
- Tether controls ~70% of centralized lending
- ASIC-backed loans collapsed in 2022
- Large miners beginning Bitcoin lending operations
- Interest rates lower in DeFi vs. OTC markets
00:00 Start
03:34 Why does lending matter?
05:56 Lender types
07:02 DeFi loan market
08:30 Lending market growth
24:47 Future of the lending market
25:41 Lava
27:02 AAVE
28:22 Interest rates
31:54 Predictions: Miners using BTC as collateral
33:22 Predictions: Rates converging with tradfi
35:10 Predictions: Retail lending products
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Transcript
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| 0:49.7 | Hey, welcome back to the mining pod. We got a little fun one for you guys today. Galaxy |
| 0:53.4 | Digital put out an awesome report on the lending market about a month ago now. |
| 0:58.0 | And Colin and I dug into it. |
| 1:00.0 | Yes, it's about a month ago. |
| 1:02.3 | So if your eyes are rolling, it's okay. |
| 1:04.5 | But you probably didn't read those report. |
| 1:06.0 | And Colin and I did the legwork for you. |
| 1:08.0 | And we're going to talk through this lending report. I think it's really interesting, not only for like the Bitcoin ecosystem, |
| 1:12.5 | but also for the Bitcoin mining ecosystem. |
| 1:14.7 | We get into talks about basic back loans from back in the day to what people are doing |
| 1:20.0 | nowadays, how defy markets are actually sort of becoming the bad rock for the lending market, |
| 1:25.0 | and much more. |
... |
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