DeFi liquidates record $115 million in loans due to ETH price drop
A record $115 million in DeFi loan positions were closed after the price of ether continued to correct to $1,406.
According to the data provider, Compound Finance had the highest number of liquidated positions, with about $86 million, or 75% of the total liquidations coming from that platform. In second place is MakerDAO, which liquidated about $10 million, or 8% of the total. Aave v1 and v2 together poured in $13 million, or 11% in liquidations.
The liquidation of DeFi credits was driven by the continuing drop in ether prices combined with historic transaction fees. According to data provider Blockchair, the cost of the average transaction set a record again on Tuesday with a new high of $39 per base ether transaction.
