• bitcoinBitcoin (BTC) $ 109,392.00
  • ethereumEthereum (ETH) $ 2,595.91
  • tetherTether (USDT) $ 1.00
  • xrpXRP (XRP) $ 2.27
  • bnbBNB (BNB) $ 661.33
  • solanaSolana (SOL) $ 155.41
  • usd-coinUSDC (USDC) $ 0.999901
  • tronTRON (TRX) $ 0.283522
  • dogecoinDogecoin (DOGE) $ 0.173910
  • staked-etherLido Staked Ether (STETH) $ 2,597.20
  • cardanoCardano (ADA) $ 0.603000
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 109,289.00
  • hyperliquidHyperliquid (HYPE) $ 40.15
  • wrapped-stethWrapped stETH (WSTETH) $ 3,122.48
  • suiSui (SUI) $ 2.97
  • bitcoin-cashBitcoin Cash (BCH) $ 507.47
  • chainlinkChainlink (LINK) $ 13.78
  • leo-tokenLEO Token (LEO) $ 9.01
  • avalanche-2Avalanche (AVAX) $ 18.99
  • stellarStellar (XLM) $ 0.243410
  • usdsUSDS (USDS) $ 0.999719
  • the-open-networkToncoin (TON) $ 2.90
  • shiba-inuShiba Inu (SHIB) $ 0.000012
  • wethWETH (WETH) $ 2,599.09
  • litecoinLitecoin (LTC) $ 89.87
  • hedera-hashgraphHedera (HBAR) $ 0.159382
  • wrapped-eethWrapped eETH (WEETH) $ 2,777.33
  • whitebitWhiteBIT Coin (WBT) $ 43.73
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999886
  • moneroMonero (XMR) $ 326.60
  • polkadotPolkadot (DOT) $ 3.63
  • bitget-tokenBitget Token (BGB) $ 4.61
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 109,331.00
  • uniswapUniswap (UNI) $ 7.64
  • pepePepe (PEPE) $ 0.000011
  • aaveAave (AAVE) $ 281.06
  • pi-networkPi Network (PI) $ 0.499112
  • daiDai (DAI) $ 0.999899
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
  • aptosAptos (APT) $ 4.80
  • bittensorBittensor (TAO) $ 343.67
  • okbOKB (OKB) $ 50.09
  • nearNEAR Protocol (NEAR) $ 2.34
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • jito-staked-solJito Staked SOL (JITOSOL) $ 188.62
  • internet-computerInternet Computer (ICP) $ 5.08
  • ethereum-classicEthereum Classic (ETC) $ 17.20
  • crypto-com-chainCronos (CRO) $ 0.083164
  • ondo-financeOndo (ONDO) $ 0.801570
  • usd1-wlfiUSD1 (USD1) $ 0.999532
  • susdssUSDS (SUSDS) $ 1.06
  • kaspaKaspa (KAS) $ 0.080015
  • mantleMantle (MNT) $ 0.591659
  • cosmosCosmos Hub (ATOM) $ 4.24
  • tokenize-xchangeTokenize Xchange (TKX) $ 24.08
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.742278
  • gatechain-tokenGate (GT) $ 15.79
  • vechainVeChain (VET) $ 0.022209
  • fasttokenFasttoken (FTN) $ 4.41
  • official-trumpOfficial Trump (TRUMP) $ 8.97
  • arbitrumArbitrum (ARB) $ 0.361463
  • skySky (SKY) $ 0.083172
  • render-tokenRender (RENDER) $ 3.39
  • ethenaEthena (ENA) $ 0.286250
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.191734
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 109,154.00
  • worldcoin-wldWorldcoin (WLD) $ 0.978202
  • filecoinFilecoin (FIL) $ 2.43
  • algorandAlgorand (ALGO) $ 0.186415
  • quant-networkQuant (QNT) $ 110.30
  • sei-networkSei (SEI) $ 0.283623
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,594.82
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.55
  • usdtbUSDtb (USDTB) $ 1.00
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998836
  • binance-staked-solBinance Staked SOL (BNSOL) $ 164.80
  • jupiter-exchange-solanaJupiter (JUP) $ 0.473029
  • kucoin-sharesKuCoin (KCS) $ 11.16
  • bonkBonk (BONK) $ 0.000017
  • usdt0USDT0 (USDT0) $ 1.00
  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,956.98
  • nexoNEXO (NEXO) $ 1.21
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,722.81
  • triniqueTNQ (TNQ) $ 10.26
  • fartcoinFartcoin (FARTCOIN) $ 1.18
  • flare-networksFlare (FLR) $ 0.017204
  • injective-protocolInjective (INJ) $ 11.84
  • spx6900SPX6900 (SPX) $ 1.25
  • celestiaCelestia (TIA) $ 1.65
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.66
  • blockstackStacks (STX) $ 0.706831
  • sonic-3Sonic (S) $ 0.333396
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • optimismOptimism (OP) $ 0.583150
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999397
  • xdce-crowd-saleXDC Network (XDC) $ 0.060768
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,782.30
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.015473
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 2,729.02
  • kaiaKaia (KAIA) $ 0.165294
  • dogwifcoindogwifhat (WIF) $ 0.931119
  • pax-goldPAX Gold (PAXG) $ 3,359.37
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.11
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 109,113.00
  • paypal-usdPayPal USD (PYUSD) $ 0.999290
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 109,322.00
  • wbnbWrapped BNB (WBNB) $ 660.83
  • the-graphThe Graph (GRT) $ 0.088664
  • immutable-xImmutable (IMX) $ 0.465736
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,734.74
  • clbtcclBTC (CLBTC) $ 109,927.00
  • story-2Story (IP) $ 2.97
  • tether-goldTether Gold (XAUT) $ 3,356.71
  • vaultaVaulta (A) $ 0.505285
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 174.26
  • flokiFLOKI (FLOKI) $ 0.000081
  • msolMarinade Staked SOL (MSOL) $ 202.95
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.38
  • jito-governance-tokenJito (JTO) $ 2.21
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 2,803.56
  • curve-dao-tokenCurve DAO (CRV) $ 0.545058
  • theta-tokenTheta Network (THETA) $ 0.728859
  • ousgOUSG (OUSG) $ 111.65
  • lido-daoLido DAO (LDO) $ 0.782107
  • galaGALA (GALA) $ 0.015106
  • aerodrome-financeAerodrome Finance (AERO) $ 0.801088
  • ronin-bridged-weth-roninRonin Bridged WETH (Ronin) (WETH) $ 2,599.09
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.998456
  • ethereum-name-serviceEthereum Name Service (ENS) $ 19.67
  • iotaIOTA (IOTA) $ 0.167261
  • jasmycoinJasmyCoin (JASMY) $ 0.013198
  • zcashZcash (ZEC) $ 39.38
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.10
  • wrapped-hypeWrapped HYPE (WHYPE) $ 40.28
  • the-sandboxThe Sandbox (SAND) $ 0.256291
  • pyth-networkPyth Network (PYTH) $ 0.106057
  • bittorrentBitTorrent (BTT) $ 0.00000062
  • solv-protocol-solvbtc-bbnSolv Protocol Staked BTC (XSOLVBTC) $ 108,579.00
  • raydiumRaydium (RAY) $ 2.24
  • saros-financeSaros (SAROS) $ 0.227105
  • pendlePendle (PENDLE) $ 3.61
  • syrupMaple Finance (SYRUP) $ 0.551523
  • usual-usdUsual USD (USD0) $ 0.998017
  • walrus-2Walrus (WAL) $ 0.424636
  • tezosTezos (XTZ) $ 0.556015
  • super-oethSuper OETH (SUPEROETH) $ 2,595.36
  • tbtctBTC (TBTC) $ 109,187.00
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 2,776.63
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 2,597.73
  • newton-projectAB (AB) $ 0.008292
  • flowFlow (FLOW) $ 0.344547
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 2,716.95
  • falcon-financeFalcon USD (USDF) $ 1.00
  • coredaoorgCore (CORE) $ 0.533908
  • decentralandDecentraland (MANA) $ 0.273857
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 109,192.00
  • apecoinApeCoin (APE) $ 0.639263
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 2,598.75
  • chain-2Onyxcoin (XCN) $ 0.014623
  • thorchainTHORChain (RUNE) $ 1.41
  • true-usdTrueUSD (TUSD) $ 0.999323
  • bitcoin-svBitcoin SV (BSV) $ 24.70
  • staked-hypeStaked HYPE (STHYPE) $ 40.30
  • ripple-usdRipple USD (RLUSD) $ 1.00
  • based-brettBrett (BRETT) $ 0.046544
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999900
  • kavaKava (KAVA) $ 0.411154
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.173323
  • movementMovement (MOVE) $ 0.171242
  • morphoMorpho (MORPHO) $ 1.42
  • starknetStarknet (STRK) $ 0.122828
  • usddUSDD (USDD) $ 1.00
  • apenftAPENFT (NFT) $ 0.00000044
  • dog-go-to-the-moon-runeDog (Bitcoin) (DOG) $ 0.004355
  • beldexBeldex (BDX) $ 0.060216
  • dexeDeXe (DEXE) $ 7.42
  • heliumHelium (HNT) $ 2.29
  • mog-coinMog Coin (MOG) $ 0.000001
  • venomVenom (VENOM) $ 0.199816
  • dydx-chaindYdX (DYDX) $ 0.556456
  • compound-governance-tokenCompound (COMP) $ 44.34
  • reserve-rights-tokenReserve Rights (RSR) $ 0.007173
  • hashnote-usycCircle USYC (USYC) $ 1.09
  • neoNEO (NEO) $ 5.77
  • usdbUSDB (USDB) $ 0.998580
  • elrond-erd-2MultiversX (EGLD) $ 14.19
  • stader-ethxStader ETHx (ETHX) $ 2,763.04
  • conflux-tokenConflux (CFX) $ 0.078050
  • build-onBUILDon (B) $ 0.395055
  • axie-infinityAxie Infinity (AXS) $ 2.36
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 2,589.99
  • ether-fiEther.fi (ETHFI) $ 1.04
  • ketKet (KET) $ 0.385489
  • aioz-networkAIOZ Network (AIOZ) $ 0.326517
  • kaitoKAITO (KAITO) $ 1.59
  • eigenlayerEigenCloud (prev. EigenLayer) (EIGEN) $ 1.22
  • ecasheCash (XEC) $ 0.000019
  • deepDeepBook (DEEP) $ 0.149994
  • mantle-bridged-usdt-mantleMantle Bridged USDT (Mantle) (USDT) $ 1.00

Ledn’s demand is ‘exploding’: Executive

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Ledn’s demand is ‘exploding’: Executive

This is a segment from the Empire newsletter. To read full editions, subscribe.

We touched on the lending sector a few weeks ago, but I want to plug back in.

I caught up with Ledn’s Mauricio Di Bartolomeo, who told me that last quarter, Ledn did $304 million worth of bitcoin-backed loan originations.

“That’s three times the originations we did at the peak of the market in 2021,” he added. And “multiples” of what Ledn saw in 2024.

“The demand for borrowing dollars and keeping the bitcoin is growing [at the fastest pace since] it’s ever grown since we started this business in 2018,” Di Bartolomeo said.

Di Bartolomeo told me that the bulk of their customer base is retail, though they do have some institutional clients.

Demand has increasingly grown amongst individuals who’re sitting on millions of bitcoin — enough to retire — but still want to utilize that bitcoin to have access to the traditional banking system for things like mortgages.

This cycle, Di Bartolomeo says, the bad seeds have been weeded out — and people like former Celsius CEO Alex Mashinsky are now serving time for the crimes committed last cycle. However, he cautioned that folks should still be careful when it comes to lenders.

“I would say it’s the demand is exploding,” he said, but urged caution and diligence for folks looking to access lending markets. It’s not worth a sweetheart rate if the company doesn’t pass a vibe test.

Zooming out, Ledn isn’t the only one to see success so far this cycle. In a different sphere of the lending sector, Maple Finance is also seeing success with its institutional lending.

A Blockworks Research note this week said that “SYRUP offers an asymmetrical investment case in lending, driven by compelling valuation metrics relative to peers, solid growth avenues via the successful Syrup pools and the strategic istBTC initiative, a resilient team, and a completed vesting schedule removing early supply overhang.”

Maple and Ledn have very different target audiences, so I’m cautious to avoid any sort of comparisons, but I think they each offer a unique vantage point into the overall health of the lending sector.

The institutional lending bull case Blockworks Research sees as $250 million in loans outstanding by the fourth quarter, while the base case is $200 million by the same time period.

Source

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