Ether holders continue to monitor two dicey ‘whale’ positions that came dangerously close to liquidation yesterday, with a combined $229M worth of collateral at risk.
Yesterday, two large Ether positions on decentralized lending protocol Maker, now Sky, came close to liquidation, putting a combined $229M of collateral at risk.
The slightly smaller of the two positions, at 63k ETH and valued at $114M, was being actively managed over the weekend.
This saw the user add a total of 2,600 ETH in collateral and repay some debt to bring its liquidation price down to $1702.
However, crypto traders became especially concerned about the larger position, which hadn’लगभग touched in the previous three weeks.
With 65k ETH (about $117M) of collateral at risk, and considering the token’s price weakness, leaving it so largely unmanaged for so long was a dicey move.
Moreover, and as many quickly pointed out, the position’s liquidation price had risen to $1787, while Sky’s oracle was sitting at $1784, meaning just a $5 rise would send the position into liquidation.
Ultimately, and with just minutes to spare, the user repaid $1.6M of borrowed DAI tokens, reducing their liquidation price to $1745. Safe, for now…
As confidence wanes, leveraged Ether positions on Sky have declined by 10% over the last 24 hours, according to DeFiLlama’s liquidations tracker of on-chain leveraged positions and their respective liquidation prices.
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