Bitcoin-backed loans facilitated by Coinbase through Morpho Labs have surpassed $500 million in collateral, with total loan originations increasing from $100 million to over $300 million in just one month. Spark Finance, a prominent liquidity provider on the Base network, has allocated more than $300 million in USDC to Coinbase's cbBTC Morpho market, representing over 80% of the pool and offering consistent borrow rates for BTC longs. The active loan volumes on decentralized finance (DeFi) platforms have seen substantial growth, with Moonwell DeFi's active loans rising by 124.9% on the Optimism Mainnet and 30% on Base over the past 90 days. Overall, onchain borrowing across lending marketplaces has reached an all-time high of over $24 billion since January 2023. Despite a 21% decline in DeFi lending in Q1 2025, bitcoin corporate debt has increased to $12.7 billion, and futures markets have rebounded, with CME and Hyperliquid gaining market share. Stablecoin borrow rates have fallen by 57%. Spark Finance's integration with Unichain enables users to earn native yield on USDC and seamlessly access lending markets and decentralized exchanges, advancing toward a unified composable blockchain ecosystem. The aggregate loan book size of crypto lenders in Q1 2025 reached its highest level since Q1 2022, with LEDN rising to second place, followed by new contributors Two Prime, Galaxy, and Coinbase.