Crypto lending DAO tokens miss rally train as protocols double 2021 bull market growth

Crypto lending is one of the hottest growth sectors in DeFi, doubling its activity since the 2021 bull market. However, there is limited interest in lending DAO ￰0￱ lending has evolved since 2021, doubling in value since the peak of the previous bull ￰1￱ total, lending protocols hold over $46B in active loans, up from around $20B at the peak of the market in ￰2￱ lending is more diverse in 2025, but there is limited interest in lending project tokens. |), which created a vast amount of unbacked ￰3￱ 2025, tokenized bonds means protocols can back their stablecoins not only with volatile crypto assets, but through low-risk debt. Currently, RWA tokens are not directly accepted as collateral.

However, stablecoins serve as tokenized US T-bill debt and introduce a low-risk asset for lending. Additionally, for some projects, holding tokenized debt also adds a source of predictable passive ￰4￱ RWA lending is still rare, with limited vaults using RWA tokens as collateral. Additionally, projects like Clearpool are also growing their influence, offering P2P lending and tokenized private ￰5￱ smartest crypto minds already read our ￰6￱ in? Join them .