According to Wu Blockchain, Binance Research data indicates that due to the April DeFi exploit event causing approximately $13 billion in capital outflows, the massive compression of TVL has passively pushed the current on-chain leverage ratio up to about 38%, reaching 2021 levels. This increase in the ratio is not driven by a genuine recovery in borrowing demand. Although the market has recently seen a pullback, a meaningful deleveraging process has yet to emerge. https://(wublock123.com)/news/binance-research-onchain-leverage-rises-to-38pct-2021-level-62831