#SecureYourAssets

📈 A large investor was liquidated of 67,570 ETH (worth approximately 106 million USD) on the DeFi Sky platform after Ethereum dropped 14% on April 6, causing the collateralized debt position to be breached. The event was recorded by Maker Vaults and Lookonchain.

The DeFi system requires a minimum collateral ratio of 150%. However, due to the sharp decline in ETH prices, the collateral ratio of the whale dropped to 144%, making their position eligible for liquidation.

Meanwhile, Spot On Chain reported that another whale had provided 56,995 ETH, worth approximately 91 million USD, to borrow DAI, which is on the brink of liquidation.

In the event of liquidation, Sky will seize the collateralized ETH, which will be auctioned off to repay the borrowed DAI plus fees. Any remaining collateral after the debt is settled will be returned to the user.

( Follow me to stay updated with the fastest & most accurate news )