DeFi’s on-chain leverage has climbed back to 2021 levels after users withdrew $13 billion from DeFi (decentralized finance) platforms, Binance Research said. The report said the move was driven by hacks and security concerns rather than a fresh wave of borrowing. That matters because leverage can rise mechanically when the collateral base shrinks: with less capital backing outstanding positions, the market becomes more sensitive to price swings, liquidations, and liquidity stress. Binance Research said the reduced collateral pool has left the sector more fragile.