The Feb. 22 crypto crash has sparked the second-largest volume of DeFi liquidations in the sector’s history, with more than $24.1 million worth of loans being forcefully closed within 24 hours.
According to crypto data aggregator DeBank, $13.7 million, or nearly 60% of the losses occurred on Compound, followed by Aave with $5.4 million worth of liquidations.
Yesterday’s liquidations were the second-largest to hit DeFi, trailing behind the $93 million in margin calls that were triggered by a sudden increase in the price of DAI on Nov. 26. 2020. The incident saw DAI spike by 30% on Coinbase Pro — the source of Compound’s price oracle — liquidating more than $88 million worth of crypto loan collateral on the protocol.
DeBank also reported a decline in total value locked from $44.5 billion to $38.8 billion over the past 24 hours. The 12.8% decline marks the largest single daily drop since the DeFi markets shed 15.4% on Jan. 21.