CeFi Lending Market Declines 68% Since 2022 Peak
As of late 2024, the total size of centralized finance (CeFi) loans has dropped to $11.2 billion—a 68% decrease from its 2022 all-time high of $34.8 billion. According to Alex Thorn, Galaxy Digital's Head of Research, the largest CeFi lenders by outstanding loans are now:
- Tether
- Galaxy
- Ledn
- Coinbase
- Maple Finance
👉 Explore DeFi lending alternatives
While CeFi lending remains opaque, DeFi's transparency has helped it surpass CeFi in market share. Including CDP stablecoins like DAI, the total decentralized lending market exceeds $35 billion, capturing over 60% of crypto lending activity.
Kyrgyzstan Appoints CZ as Blockchain Advisor
The Kyrgyzstan National Investment Agency signed a memorandum with Binance founder Changpeng Zhao (CZ), naming him the official advisor for:
- National blockchain development
- Cryptocurrency regulation
- Web3 innovation strategies
This partnership aims to create a progressive digital asset framework and accelerate local talent development in DeFi.
EigenLayer Introduces Slashing Mechanism
Ethereum restaking protocol EigenLayer announced its slashing mechanism will go live on April 17, 2025. This system:
- Holds operators/stakers accountable
- Enables trustless applications for AVS (Active Validation Services)
- Penalizes protocol violations
Ethereum Dominates dApp Revenue in Q1 2025
Token Terminal reports Ethereum generated $1.014 billion in dApp fees—5x higher than second-place Base ($193M). The top five networks:
| Rank | Network | Revenue |
|---|---|---|
| 1 | Ethereum | $1.014B |
| 2 | Base | $193M |
| 3 | BNB Chain | $170M |
| 4 | Arbitrum | $73.8M |
| 5 | Avalanche C-Chain | $27.68M |
Corporate Bitcoin Holdings Reach New Highs
Public companies acquired 95,431 BTC in Q1 2025, increasing total holdings to 688,000 BTC (3.28% of total supply). Notably:
- 79 firms now hold BTC (+18% quarterly)
- MicroStrategy leads with 531,644 BTC ($35.9B total investment)
Regulatory Developments
SEC Delays ETH ETF Staking Decision
The SEC extended its review period for Grayscale's proposal to allow ETH staking in its ETFs until June 1, 2025.
MiCA Advertising Rules
Google will enforce MiCA-compliant crypto ads in the EU starting April 23, 2025.
FAQ Section
Q: Why did CeFi lending decline?
A: Post-2022 market crashes and bankruptcies eroded trust, while DeFi's transparency gained traction.
Q: What's the significance of EigenLayer's slashing?
A: It introduces economic penalties to ensure protocol compliance, similar to traditional PoS networks.
Q: How does Ethereum maintain its dApp lead?
A: Network effects, developer activity, and L2 scaling solutions like Arbitrum enhance its ecosystem.
Q: Are corporate BTC purchases affecting supply?
A: Yes—institutional buying reduces liquid supply, potentially increasing price volatility.
Emerging Trends
- Stablecoin Alliances: Visa joined Paxos' USDG network to share stablecoin revenues among members.
- AI Crypto Integration: OpenAI's new GPT-4.1 models could accelerate blockchain analytics adoption.
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