I used to think the overcollateralized lending market was too small and that DeFi needed to address the uncollateralized/undercollateralized market in order to scale. After all, the uncollateralized/uncollateralized lending market in TradFi is significantly larger than the secured market. I no longer believe that. When we can tokenize nearly any liquid asset, giving everyone instant access to low-cost leverage/liquidity is already a 10x improvement over all existing TradFi systems. Yes, this is undoubtedly good news for leading lending platforms, and there are strong local network effects. Over time, we can expect the total value locked (TVL) to grow exponentially (assuming we don't regress on the progress made under the Trump administration).