Market Drop on Monday Causes Second-Largest Liquidation Volume in DeFi Ecosystem History
In total, of the $ 24.1 million in liquidations, approximately $ 13.7 million is attributable to Compound’s DeFi protocol. The popular Aave project took the second place in terms of liquidations – it accounted for about $ 5.4 million of the total.
The highest liquidation rate was observed on November 26, 2020. Then a short-term increase in the price of DAI led to the elimination of collateral in the amount of more than $ 88.4 million by the Compound project.
The above events in the DeFi market occurred simultaneously with a short-term drop in the price of bitcoin below $ 50,000. The price of the top cryptocurrency on the Coinbase exchange fell below $ 47,000. This happened in the wake of an earlier fall in the market, which caused significant liquidation levels.
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