Anchor, Protocol for Terra-based Financing, saw over $1 billion in liquidations, making it the largest single protocol liquidation event ever. The Terra project — including its tokens Luna (LUNA) and TerraUSD (UST) — mostly failed when the crypto market and the Terra project both crashed.
Between May 7 and May 12, borrowers deposited $1.048 billion in staked crypto collateral on Anchor, which was liquidated on the platform.
During that time, Luna (LUNA) liquidated almost $750 million on anchor, accounting for nearly 75% of all liquidations. Avalanche (AVAX) liquidations totaled $261 million, with the rest split among ether (ETH), solana (SOL), and cosmos (COS) (ATOM).
It’s been a year since such a large liquidation event. In the midst of a general market meltdown at the time, DeFi lenders Compound and Aave experienced a total of $633 million in liquidations.
Read more: Anchor Protocol (ANC) begins onboarding Solana as collateral security
