Cryptocurrency market has fallen sharply in the last 24 hours and Ethereum (ETH) Its price fell more than 4.5% to $1,530. This has left some users of decentralized finance (DeFi) platforms at risk of liquidation, as their collateral may not be sufficient to cover their debts.
According to DeFiLlama, a website that tracks DeFi data, Aave v2 And in Compound large amounts of ETH and Wrapped Bitcoin (WBTC) There are two users with coverage. These users USDC And at DAI They also have a significant amount of debt.
The second address, which has the address 0x99…ddc3, has 24,188.88 ETH, 184.1174 WBTC and 7,786.2875 COMP as collateral in Compound and has a debt of 31,865,041 DAI. If the ETH price falls to $1,420, $38.6 million of collateral belonging to this whale will be subject to liquidation.
These users may need to either repay their debts or add more collateral to avoid liquidation. Or they will hope that the crypto market will recover soon and their collateral will regain value.
*Not investment advice.
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