I used to think that over-collateralized lending is too small a market and DeFi must tackle un/under-collateralized lending to scale. After all, TradFi's unsecured / uncollateralized lending market is huge vs. collateralized. I no longer think that. When we get to tokenize almost everything with decent liquidity, giving everyone instant access to low-cost leverage/liquidity on said equity is already a 10x improvement vs. all forms of existing TradFi systems. Yes this is massively bullish the front-runner lending / borrowing platforms and there's a bit of a strong local network effect there. Over cycles one should expect the TVL to increase exponentially (assuming we don't backtrack progress made under the Trump regime).