Bitcoin
Bitcoin (BTC)
$67,355.00 0.21295
Bitcoin price
Ethereum
Ethereum (ETH)
$3,483.45 -0.87575
Ethereum price
BNB
BNB (BNB)
$597.33 0.34651
BNB price
Solana
Solana (SOL)
$177.09 2.45204
Solana price
XRP
XRP (XRP)
$0.5900520 -0.13375
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000176 -3.04105
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000122 -0.53164
Pepe price
Bonk
Bonk (BONK)
$0.0000307 -0.87889
Bonk price
Bitcoin
Bitcoin (BTC)
$67,355.00 0.21295
Bitcoin price
Ethereum
Ethereum (ETH)
$3,483.45 -0.87575
Ethereum price
BNB
BNB (BNB)
$597.33 0.34651
BNB price
Solana
Solana (SOL)
$177.09 2.45204
Solana price
XRP
XRP (XRP)
$0.5900520 -0.13375
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000176 -3.04105
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000122 -0.53164
Pepe price
Bonk
Bonk (BONK)
$0.0000307 -0.87889
Bonk price
Bitcoin
Bitcoin (BTC)
$67,355.00 0.21295
Bitcoin price
Ethereum
Ethereum (ETH)
$3,483.45 -0.87575
Ethereum price
BNB
BNB (BNB)
$597.33 0.34651
BNB price
Solana
Solana (SOL)
$177.09 2.45204
Solana price
XRP
XRP (XRP)
$0.5900520 -0.13375
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000176 -3.04105
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000122 -0.53164
Pepe price
Bonk
Bonk (BONK)
$0.0000307 -0.87889
Bonk price
Bitcoin
Bitcoin (BTC)
$67,355.00 0.21295
Bitcoin price
Ethereum
Ethereum (ETH)
$3,483.45 -0.87575
Ethereum price
BNB
BNB (BNB)
$597.33 0.34651
BNB price
Solana
Solana (SOL)
$177.09 2.45204
Solana price
XRP
XRP (XRP)
$0.5900520 -0.13375
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000176 -3.04105
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000122 -0.53164
Pepe price
Bonk
Bonk (BONK)
$0.0000307 -0.87889
Bonk price

Defi platforms see over $5.4m in liquidations as Ethereum declines 

defi-liquidations-ethereum-decline
Edited by
News
Defi platforms see over $5.4m in liquidations as Ethereum declines 

More than $5.4 million worth of collateral has been liquidated across defi platforms in the past 24 hours. 

Ethereum took the most brutal hit, accounting for $4.2 million of the total liquidations. According to data from Parsec, a further threat of destabilization if ETH drops to $3,008 could trigger an additional $24 million in liquidations.

On-chain derivatives exchanges such as GMX, Kwenta, and Polynomial have been at the center of these liquidations, which cumulatively triggered over $52 million in the past day alone. When collaterals are liquidated in the context of defi, it means that assets pledged as security for loans are being sold off by the platform or protocol. 

defi liquidation
ETH trading volume across defi protocols | Source: Parsec

In defi lending, loans are often over-collateralized to account for the volatility of cryptocurrency prices. However, when the market price of the collateral asset, like Ethereum (ETH) in this case, drops sharply, it can trigger a liquidation event. The platform automatically sells the collateral to ensure the loan is repaid, often at a lower market value, leading to potential losses for the borrower.

Ethereum is trading at approximately $3,338, marking a 15% decline over the past week. The overall crypto market cap is down by 3.5% today and is faced with notable liquidation after a month-long rally.