Monday market decline triggered second-highest amount of liquidations in DeFi space's history

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. 

Source: DeBank

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

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Saniya More (pronounced: Saan-ya Mo-ray) is a quadrilingual journalist at The Block. She got her master’s degree from the Columbia University Graduate School of Journalism and did her undergraduate degree at the S.I. Newhouse School of Public Communications, Syracuse University. Her work has appeared in CBS News, Bangkok Post, Thai Enquirer, Globalists, Byline Times and other publications. When she’s not chasing a story, you will most likely find her biking, tweeting, taking photos or creating Spotify playlists for every occasion.