According to The Block's data dashboard, the outstanding debt of Compound, a decentralized lending protocol on Ethereum, has exceeded $1 billion. This marks a significant shift in the crypto market, which was previously affected by a credit crisis in 2022, resulting in the bankruptcy of lenders such as BlockFi and Celsius.

As of July 14, the outstanding debt stood at $1.07 billion. Compound is a money market protocol that allows users to borrow and lend assets, with interest rates determined algorithmically, and is governed by COMP token holders.