DeFi protocols and perpetual DEXs survived the biggest liquidation events on October 10-11 with flying 0 time, DeFi benefitted from fees and managed to control its 1 and perp DEXs performed better following the October 10-11 market 2 DeFi space, including perpetual DEXs, still saw liquidations, but showed it was much more stable compared to the 2022 3 Cryptopolitan reported , crypto faced $19B in liquidations, the worst event since the crash of FTX. However, this time around, DeFi showed relatively limited crisis 4 time around, DeFi has more reliable collaterals, including those based on tokenized T-bills and more reliable 5 collaterals are at much more conservative price levels, with limited liquidations.
Currently, ETH has just under $1B in liquidatable values, starting at $1,548, way below market 6 DEXs open interest attempts a recovery Perpetual DEXs were the most affected, losing over 50% of their open interest on 7 interest on all perp DEXs was at $25.75B before the crash, later dipping to lows of $13.71B. Perp DEXs value locked started recovering, bouncing from lows of $13B up to $17B. Despite this, the liquidations hurt the trust in perpetual DEXs, after many traders were liquidated and lost their entire positions. |
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