Mounting crypto liquidations make DeFi go to extremes

The Edge Markets LogoThe Edge Markets1 mo ago

Mounting crypto liquidations make DeFi go to extremes

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In the case of Solend, holders on Sunday voted overwhelmingly in favor of a proposal to take over a large user’s account temporarily after the app reached out to the user to no avail, bringing the threat of a massive liquidation closer.

On Aave’s governance forum itself, users are hotly debating how to reduce the risk from stEth, which DeFi risk tracker Gauntlet says “may pose further risk to the protocol.

When crypto prices tank as has happened recently, that can trigger margin calls on collateral, and users that don’t address this by adding more collateral get liquidated in a process triggered by software and executed by bots designed for this purpose.

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Article Details

Category: InvestingFinance

Topics: Solend Apps Proposal Token Being Account Crypto Bots Defi Steth Users

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-20, 17:05:22

News Timezone: GMT +8:00

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Language: English

Reading Time: 6 minutes read

Article Length: 1015 words

Coverage Area: Malaysia

Availability: Desktop Web, Mobile Web

News ID: 1401

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