DeFi platforms liquidated $662 million in loans in the last 24 | Top DeFi

DeFi platforms liquidated $662 million in loans in the last 24 hours

Borrowers on decentralized lending platforms are quickly winding down, avoiding costly liquidations, as the global cryptocurrency market declines.

According to decentralized wallet provider DeFi (DeFi), collateral liquidations have increased 14-fold in recent bad days in the lending market. DeFi platforms have liquidated $662 million in loans in the last 24 hours, led by Binance Smart Chain's lending app Venus, Aave (versions 1 and 2) and Compound, Debank data shows. On a typical day, liquidations of DeFi products range from $1 million to $5 million, according to Debank. On May 12, there was a $39 million liquidation.