The Scoop: DeFi surges as the new face of crypto lending while CeFi stagnates

This column was co-written by Frank Chaparro, director of special projects at The Block, and Laura Vidiella of MNNC Group. The views expressed in this column are their own and do not reflect the opinions of their employers.
 
The crypto lending market has undergone a seismic shift since its peak frenzy in 2021. Back then, undercollateralized loans and questionable collateral were commonplace, propping up prices in a precarious house of cards. But those days are gone. With major centralized lenders like Genesis out of the picture, what remains is a reshaped, more cautious lending ecosystem.