Data

AAVE had about $175M liquidated over the last 24 hours

That’s the most in a single day since early August ’24, when ETH price dropped from ~$3k to $2.3K

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Has this made them anywhere close to being insolvent?

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it can't really be insolvent in the same way a centralized lender. AAVE's not holding the money directly, individuals are just locking their collateral into AAVE's contracts and then borrowing against that

so I'd look at these liquidations as a lot of individuals were taking out relatively risky loans on AAVE, and got caught out when prices dropped unexpectedly low. basically over leveraged