PANews reported on June 17th, citing The Defiant, that DeFi lending and DEX fees have plummeted. The largest lending protocol, Aave V3, saw its 7-day rolling fees drop by 60% to $6.72 million, Morpho Blue by 60% to $3.27 million, and Maple Finance by 59% to $1.25 million. Uniswap V3 fees fell by 57% to $3.74 million, and Curve DEX by 65% ​​to $891,000. However, looking at the cumulative data over the past 30 days, Morpho Blue saw a 23% increase, Maple by 49%, Uniswap V3 by 27%, and Curve by 71%, indicating that the weekly plunge was a deleveraging reset rather than a structural recession.

Analysts say the decline in fees is a natural consequence of leverage liquidation following the market crash in early June. The week of the crash generated excess fees as leverage was unwound and borrowing rates soared; the past week has been a calmer consequence of deleveraging. When the supply of loanable capital exceeds productive demand, borrowing costs decrease and loan yields are compressed.