"Leverage refers to the process of using borrowed funds to increase the possible gains from crypto trading, allowing traders to open greater positions than they would with their own money."

Yes that is the simple and best way to explain the concept of Leverage. It is true that emphasis is on gain when we take leverage but risk management must never take back seat .

"Leveraged traders may experience margin calls in severe circumstances, requiring them to deposit more money to keep their positions open or face liquidation, resulting in significant losses."

That highlights the importance of risk management in leverage trading. I remember that my 1300$ were once liquidated in a single position where stoploss was not in place .

"The use of leverage in cryptocurrencies is driven by the market's high volatility, providing traders with the opportunity to multiply potential rewards and engage in short selling for profit in a speculative environment."

The leverage itself generates liquidity in the market which is inturn responsible for welfality. The problem arises when big hands enter market and manipulate it as per their will.

You have explain the advantages and disadvantages of leverage trading very well.Good luck.