Terra’s popular lending platform Anchor saw more than $1 billion in liqudiations last week, as the Terra project collapsed.Terra-based lending protocol Anchor saw more than $1 billion in liquidations last week, the largest liquidation event for a single protocol. This happened as both the crypto market collapsed and the Terra project — including its tokens luna and TerraUSD — largely collapsed., $1.
The last time a large liquidation event like this happened was a year ago. This was when DeFi lenders Compound and Aave saw a total of $633 million in liquidations amid a general market crash at the time.In Anchor’s case, the crash of UST was the main instigator. To understand how it happened, we need to know how Anchor worked.
Borrowing on Anchor is at a 10% interest rate and borrowers can take loans of up to 60% of the collateral they deposit on the platform. Anchor provides these loans in the form of the UST stablecoin. Liquidations occur on Anchor when the value of the staked collateral falls to a certain point that exceeds the threshold required to pay back the loan.
Anchor should pay ust holder in whole
And TeamKujira's Orca protocol worked flawlessly, - treasury grew something like a 50x (a guess) in a couple days. Was a sight to behold but shame about the end value obviously. Massive money in crypto liquidations
still don't know why people were staking their 'stables' for a 20% apy.. I mean.. we have yield farmings giving you more than that for $USDT and $USDC
We get it
OsatoNomayo But while Compound and AAVE crashes but not died, Terra crashed, died and carved a crater.
OsatoNomayo And became a shitcoins instantly
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