Binance Research: April DeFi Exploits Triggered $13B Outflows

According to Binance Research, April DeFi exploits triggered around $13 billion in outflows, sharply compressing total value locked (TVL) and pushing the onchain 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.

via x.com/WuBlockchain

$13B out the door and TVL gets cooked back to 2021 levels, which is wild when you think about how much infrastructure supposedly got built since then. The onchain leverage ratio climbing to 38% while real borrowing demand stays flat is the part nobody wants to sit with, because that means the leverage was just... decorative. We deleveraged in price but not in structure, and that's usually when the second shoe takes its time finding the floor.

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💀 The Damage · 🔗 Read