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Block by Block: Crypto Lending

by Ryan Todd

January 18, 2019, 2:00PM EDT  ·  7 min read

Quick Take

  • Crypto-secured lending is a nascent lending market that has seen significant uptake in both growth and innovation over the prior 12 months
  • Lending on crypto (both centralized and decentralized) provides a unique opportunity for both lenders and borrowers that is hard to find with current lending products in the market
  • In December, total decentralized lending originations (on Ethereum) grew by over 25%, driven by +30% growth in Maker origination volumes (Maker originates +90% of total DeFi volumes)
  • Competition is fragmented at the moment, with the main lever driven by rates

by Ryan Todd

January 18, 2019, 2:00PM EDT  ·  7 min read

Block by Block is a series where we dive into different industries and examine the entry-points for decentralization. This issue is an introduction to crypto-secured credit markets, exploring: market/product segmentation, lender and borrower opportunities, competition across both custodial and decentralized lending protocols, and more.


The market for crypto lending may be small relative to other credit products, but the sector is still worth attention given its recent growth, pace of innovation, and ability to provide lifeblood for companies in the broader ecosystem.