TREE NEWS update: Galaxy Research reports that Q2 2026 saw synchronized declines in on-chain lending across CeFi, DeFi, and CDP stablecoins, marking the first such quarter since Q4 2022. Total crypto-backed lending fell 16.78% to $56.16B, while futures open interest dropped 3.08% to $103.2B, with a notable shift as CeFi lending surpassed DeFi for the first time since Q3 2023. The orderly, step-down deleveraging contrasts with the 2022 crash, indicating a healthier risk reduction process.
Crypto Lending & Futures Deleveraging: Q2 2026 Review
AI take
The synchronized pullback across CeFi, DeFi and CDP stablecoins matters less for its size than for its coordination: leverage is contracting everywhere at once, not rotating between venues. CeFi overtaking DeFi for the first time since Q3 2023 hints at where remaining credit demand sits, and it reframes the competitive balance between centralized and on-chain lenders. Whether this orderly step-down holds if prices stay soft — rather than tipping into forced selling — is the open question.
Generated by AI for reference only.
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