Crypto Lending 2.0: Inside the Rebound, Risks, and Reinvention of CeFi and DeFi Credit in 2025
Three years ago, crypto lending was a smoking crater. Celsius Network owed $4.7 billion to over 100,000 creditors. Voyager Digital collapsed with users expected to recover just 35% of their deposits. BlockFi filed for bankruptcy with liabilities between $1 billion and $10 billion. Genesis owed $3.5