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But we saved everything 🙂.
Andre Cronje, chief technology officer at Sonic Labs (formerly known as Fantom), reports more than 30 stressed liquidations on FlyingTulip margin accounts occurred in the last week, with an average haircut of less than 1 percent.
He describes the process as resulting in near dollar-for-dollar debt repayments and credits the use of maintenance margin and soft request-for-quote liquidations for reducing overall pressure and helping traders maintain positions.
Cronje previously said that only $50,000 was liquidated in FT’s first major drawdown, crediting equity account based lending. He has also highlighted that users can earn up to 18.50 percent on USDC or USSD via ftUSD. Borrow rates for BTC and ETH remain below 1 percent, according to Cronje.