DeFi On-Chain Leverage Ratio Climbs to 38%, Matching 2021 Levels

According to Binance Research, DeFi's on-chain leverage ratio recently climbed to approximately 38%, matching 2021 levels. The increase is primarily driven by total value locked (TVL) compression rather than new borrowing demand, the research institute noted on X platform.

In April, DeFi attacks triggered approximately $13 billion in TVL outflows. Despite overall market pullback, substantial deleveraging has not yet occurred in the sector.

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