.@RelayerCapital's thesis is that we are only in the very earliest stages of a renaissance in CeFi lending catalyzed by new product types, in particular more secure overcollateralized loans sourced from onchain DeFi lenders/capital. @maplefinance has led the way in this new market segment, currently meeting the needs of $1B in outstanding loan demand driven by the hyper growth in their permissionless syrupUSDC product. At a $1B loan book today (up multiples in just the last few months), $SYRUP is rapidly gaining market share. Today CeFi lending is an approximately $15B market, but is well on its way back towards its Q1 2022 peak of $35B and beyond. It now serves a much larger addressable market of funds, market makers, OTC desks, miners, digital asset treasury companies, family offices, and HNW individuals but with a more secure product. The melding of traditional demand sources with composable DeFi capital represents a fundamentally new dynamic for lending markets and I expect will become an increasingly dominant force disrupting traditional lending capital sources.