Foresight News 消息，据 CoinDesk 报道，Galaxy Research 的 2025 年第一季度报告显示，加密货币抵押贷款总额环比下降 4.9%，至 390.7 亿美元，这是自 2023 年底以来的首次下降。尽管总体数字有所收缩，但潜在动态表明杠杆率正在转变，而非逐渐减弱。DeFi 借贷在本季度初遭受重创，一度下滑 21%，但在 4 月和 5 月大幅反弹。这一转变主要得益于 Aave 对 Pendle 代币的集成，截至 5 月下旬，DeFi 借贷已从低点飙升逾 30%，其中以太坊引领了复苏。CeFi 借贷规模攀升 9.24%，达到 135.1 亿美元，领涨项目包括 Tether、Ledn 和 Two Prime。
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