Crypto
$36M in Liquidations Triggered by Small Price Move in PT-reUSD
A sudden 2.8% decline in PT-reUSD on August 25 triggered a series of liquidations in the Ethereum DeFi market, resulting in $36.14 million of debt repaid.
The affected Morpho market used an oracle that took the lower of PT-reUSD's 15-minute average Pendle market price and a fixed curve rising to $1 at maturity.
The liquidations were concentrated in the USDC market, with $35.19 million of debt repaid, while the USDT market accounted for $956,000.