A record-high $115 million in decentralized finance (DeFi) lending positions were wiped out Tuesday after the price of ether continued to correct to as low as $1,406 on Tuesday. The cryptocurrency has shed 9% in the past 24 hours, according to the .
Compound Finance saw the largest number of liquidated positions with some $86 million, or 75% of the total liquidations coming from that platform, according to data provider .
MakerDAO followed in a distant second with some $10 million in liquidations, or 8% of the total. Aave v1 and v2 combined for a total of $13 million, or 11% in liquidations.
A sharp 15% correction in the price of Monday some $25 million in loan liquidations, a three-month high. Nov. 25 saw the previously highest liquidation volume for the emerging financial tech stack with $93 million liquidated.
Historically high gas fees may be one reason mass liquidations are taking place on the lending platforms. The cost of an average transaction set records yet again Tuesday with new highs of $39 for a basic ether transaction, according to data provider . For many loans, forcing a liquidation by not closing or topping off the position may end up being cheaper due to high transaction costs.
The DeFi asset class in general has experienced a sharp selloff as well, down some 13% according to . However, indexes of the asset class remain in the green over the past 30 days with nearly 50% gains, as can be seen on the (DPI).