Data compiled by Woofun AI shows that the on-chain leverage ratio within the DeFi sector has climbed to approximately 38%, a figure comparable to levels observed in 2021. Binance Research highlighted this metric on platform X, noting that the increase is primarily attributable to a contraction in total value locked (TVL) rather than an expansion in new lending demand.

The April DeFi attack incident triggered an outflow of roughly $13 billion in TVL. Despite the broader market correction, substantial deleveraging has not yet materialized, suggesting that risk exposure remains elevated as capital exits the ecosystem.