Onchain leverage ratio returns to 2021 levels after April DeFi exploits drain $13B from TVL

𝕏/@BinanceResearch •

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Binance Research says April DeFi exploits pulled roughly $13B out of TVL, mechanically pushing onchain leverage to ~38%, a level last seen in 2021. The ugly part is that the ratio is not flashing new borrowing demand; it is mostly denominator shrinkage, and the market pullback still has not forced meaningful deleveraging.

TLDR by @Benthic

Onchain leverage ratio returns to 2021 levels after April DeFi exploits drain $13B from TVL

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Onchain leverage ratio returns to 2021 levels after April DeFi exploits drain $13B from TVL

More on Exploit

Aztec is investigating a second exploit in four days after attackers drained $2.2M from a deprecated payments product, deepening DeFi’s security crisis

Ionic Protocol shuts down after 2025 exploit, tells users to withdraw assets

OAK Research revisits LayerZero’s role in crypto after the $292M rsETH exploit, asking whether omnichain interoperability creates more systemic risk than value

Thetanuts loses $105K from legacy vault exploit before white-hat rescues $2M through same bug

Crypto's insurance sector has collapsed from $1.9B to under $100M in TVL despite $840M in exploit losses during the first five months of 2026, exposing DeFi's growing protection gap

Syscoin says bridge exploit released 5B SYS before attacker returned funds for burn

Aztec is investigating a second exploit in four days after attackers drained $2.2M from a deprecated payments product, deepening DeFi’s security crisis

Ionic Protocol shuts down after 2025 exploit, tells users to withdraw assets

OAK Research revisits LayerZero’s role in crypto after the $292M rsETH exploit, asking whether omnichain interoperability creates more systemic risk than value

Thetanuts loses $105K from legacy vault exploit before white-hat rescues $2M through same bug

Crypto's insurance sector has collapsed from $1.9B to under $100M in TVL despite $840M in exploit losses during the first five months of 2026, exposing DeFi's growing protection gap

Syscoin says bridge exploit released 5B SYS before attacker returned funds for burn

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