DeFi Protocol Fees Drop as Much as 65% After Early June Selloff

Fees across major DeFi lending protocols and decentralized exchanges fell by as much as 65%, according to DefiLlama data. According to NS3.AI, operators attributed the decline to leverage unwinding following early June's selloff rather than a structural break in onchain credit. The operators said the pullback reflected reduced leveraged activity after the selloff, suggesting the underlying onchain credit market remains intact despite lower fee generation across key DeFi venues.