In a recent update, Odaily reported that approximately $50 million in open positions on dYdX, a decentralized exchange, were liquidated following the sudden plunge in Yearn Finance (YFI) token's value. Citing on-chain data analysis platform Arkham, the report states nearly half of YFI's open positions were held on dYdX prior to the liquidations.
Arkham noted that YFI's trading volume on dYdX is usually very low. However, due to the recent surge in the token's price, open interest on dYdX peaked at around $60 million. This sudden rush to exit positions has apparently resulted in the considerable liquidations.
