PANews reported on June 16th that Binance Research published an article on the X platform stating that DeFi's on-chain leverage ratio has climbed to approximately 38%, on par with 2021 levels, primarily driven by a compression of Total Value Locked (TVL) rather than new lending demand. The DeFi attacks in April resulted in an outflow of approximately $13 billion in TVL. Despite the overall market correction, substantial deleveraging has not yet occurred.