**[Galaxy: Cryptocurrency Lending Market Reaches $25 Billion, Transparency Significantly Improved]** Data from Galaxy Research shows that the total outstanding loans in the cryptocurrency lending market reached nearly $25 billion in the third quarter of this year, marking a growth of over 200% since the beginning of 2024. However, the current market size has yet to recover to the peak of $37 billion seen in the first quarter of 2022. Alex Thorn, Head of Research at Galaxy, pointed out that compared to 2022, the number of centralized finance lending platforms has increased, and overall transparency has significantly improved. He expressed pride in the latest data charts and the transparency of data providers, stating that the current market transparency has undergone a dramatic shift compared to previous cycles. Leading institutions in this market include Tether, Nexo, and Galaxy.