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Binance Research: Onchain Leverage Ratio Returns to 2021 Levels as TVL Shrinks According to Binance Research, April DeFi exploits triggered…

Binance Research: Onchain Leverage Ratio Returns to 2021 Levels as TVL Shrinks According to Binance Research, April DeFi exploits triggered around $13 billion in outflows, sharply compressing total value locked (TVL) and pushing the on‑chain leverage ratio to around 38 %, back to 2021 levels. The rise was not driven by a recovery in real borrowing demand, and meaningful deleveraging has yet to materialize despite the recent market pullback.

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