If ETH falls to $3008, it could trigger a liquidation of $24 million

News on March 20, with the adjustment of this market, the total amount of DeFi liquidation on the Ethereum chain has reached $4.2 million. According to Parsec's data, if ETH falls to $3,008, further instability threats could trigger an additional $24 million in liquidations. On-chain derivative exchanges such as GMX, Kwenta and Polynomial have been at the center of these liquidations, triggering over $52 million in just one day. When collateral is being liquidated under a DeFi context it means that assets used as loan guarantees are being sold by platforms or protocols. The current trading price for Ethereum is about $3,168 which is down 20% from last week. Today, the overall market value of cryptocurrencies fell by 3.5%, facing significant liquidation after a month-long rise.