DeFi Records $13B in Outflows After April Exploits, Binance Research Reports

Binance Research reports that April’s DeFi exploits triggered approximately $13 billion in capital outflows, leading to a sharp drop in total value locked (TVL) across the sector.

Against this backdrop, the on-chain leverage ratio climbed to around 38%, returning to levels last seen in 2021. However, the report noted that the increase was not driven by a rebound in actual borrowing demand.

Consequently, leverage remains elevated, and despite the recent market pullback, the sector has yet to undergo meaningful deleveraging.

Source: Binance Research