Cirrus, the leading platform for NFT lending, recently witnessed an unprecedented event, as the past few days unleashed an avalanche of liquidations in the NFT space.
Surpassing any previous record, a staggering 1244 liquidations took place within a mere 96 hours. It is important to note that this number excludes forced sellers who preemptively sold their collateral to settle their loans before reaching the underwater stage.
Among the affected NFT projects, Beanz suffered the hardest blow, with a substantial 636 liquidations, accounting for over 3% of their total supply. This significant figure underscores the magnitude of the liquidation cascade and its impact on the community.
However, a glimmer of hope emerges as the rate of liquidations has considerably slowed down in the past few hours. The remaining number of underwater loans is not alarmingly high, indicating that the worst may be behind us. The sharp downward movements that characterized recent days seem to have subsided.
Also Read: Long-Term Azuki Holders Selling Surge of 817%: Nansen Report
Cirrus, as a key player in the NFT lending ecosystem, continues to closely monitor the situation, ensuring the stability and security of its lending platform. They remain committed to supporting the community and fostering a resilient and sustainable NFT market.
