On-Chain Borrowing Slightly Declines Despite Perpetual Contract Slump

Despite a notable drop in perpetual contract open interest, on-chain borrowing activity has only experienced a slight decrease. According to data from Galaxy analytics firm’s Zack, on-chain borrowing fell to $38.6 billion on October 12 after reaching a record high of $43.82 billion on October 7th. This marked a decline of $5.22 billion, or 11.91%.