Monday morning’s market fall triggered the second-highest amount of DeFi-related liquidations in the ecosystem’s history, according to available data.
In total, out of the more than $24.1 million worth of liquidations, approximately $13.7 million came from DeFi protocol Compound. Aave saw the second-highest number in liquidations, making up about $5.4 million of the total.
The highest liquidation occurred November 26, 2020, when a momentary price increase in DAI led to Compound liquidating over $88.4 million worth of collateral.
The market development occurred alongside a brief plunge in the price of bitcoin below the $50,000 mark. The price of the cryptocurrency fell below $47,000 on Coinbase, a move that came on the heels of an earlier market fall that triggered significant liquidation levels, as previously reported.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
News Source from TheBlockCrypto.com