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This episode is sponsored by Nexo.io, Chainalysis and FTX US.

On this week’s “Long Reads Sunday,” NLW reads Nic Carter’s “The Credit Crunch Is Not the End of Crypto Lending.”

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: PM Images/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.