michaelly
@michaelly
The private lending market reaches $1.7 billion by 2023, growing at 12% CAGR. While agreements such as Centrifuge and Goldfinch have issued $15 billion in loans on-chain, DeFi's bad debt rate is four times that of traditional finance, largely stemming from inadequate credit assessment. Existing lending agreements rely on asset originators to perform credit evaluations, and these centralized intermediaries lack incentives to select quality loans.
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