@megafund
As onchain banks surge past $70B in deposits and $27B in active loans, one of the more under-appreciated dynamics is what’s happening beneath the surface with repayments and liquidations, especially the scale of forced deleveraging.
November just posted the highest liquidation volume ever, with more than $422M in positions forcibly unwound. Combined with October, that brings two-month forced deleveraging to a staggering $727M.
Importantly, this occurred without contagion or protocol instability and instead was a meaningful validation of onchain risk frameworks
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