A loan collateralized with AAVE accounting for 2.3% of the total AAVE supply has faced a cascade of liquidations due to the token price drop.
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According to a report by Bijie Network: During a market downturn, a loan collateralized with approximately 2.3% of the total AAVE supply is being liquidated in batches. In order to repay nearly $2 million in USDC debt, about $2 million worth of AAVE collateral has been seized in four separate transactions. The loan was originally backed by 355,093 AAVE tokens, valued at approximately $28.4 million. As the price of AAVE fell to around $103-104, the loan faced liquidation. Currently, AAVE tokens are trading at $105.60, down 15% for the day.
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