国际清算银行：DeFi杠杆（英文版）

In decentralized finance (DeFi), lending protocols are governed by predefined algorithms that facilitate automatic loans - allowing users to take on leverage. This paper examines DeFi leverage – i.e., the asset-to-equity ratio – using wallet-by-wallet data on major lending platforms. The overall leverage typically ranges between 1.4 and 1.9, while the largest and most active users consistently exhibit higher leverage in comparison to the rest. Leverage is mainly driven by loan-to-value requir