After the sharp drop in crypto prices on Saturday, there has been a slight recovery, but the amount of liquidations on Ethereum lending platforms has reached its highest level in years.
According to The Block, almost $80M in liquidations in lending protocol Aave and nearly $50M in liquidations in Compound make up the vast majority of the liquidations.
The last time there was a higher volume of liquidations in a month was in June 2022, following the collapse of the Terra ecosystem.
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Recent liquidations have also affected Curve founder Michael Egorov's loan, which was at risk of being liquidated due to CRV's falling price.
Along with lenders, traders have also faced increased liquidations as bullish positions have been negatively affected by Bitcoin's fall from its recent all-time high.