[Binance Research: On-chain Leverage in DeFi Rises to Approximately 38%, Matching 2021 Levels] Binance Research posted on the X platform that on-chain leverage in DeFi has risen to approximately 38%, matching levels seen in 2021. This increase is primarily driven by the compression of Total Value Locked (TVL) rather than new borrowing demand. DeFi attacks in April led to an outflow of approximately $13 billion in TVL. Despite the overall market pullback, substantial deleveraging has yet to occur.