Terra-based lending protocol Anchor saw more than $1 billion in liquidations last week, the largest liquidation event for a single protocol. This happened as both the crypto market collapsed and the Terra project — including its tokens luna (LUNA) and TerraUSD (UST) — largely collapsed.
According to The Block’s Data Dashboard, $1.048 billion worth of staked crypto collateral deposited by borrowers on Anchor was liquidated on the platform between May 7 and May 12.
Luna (LUNA) accounted for over $750 million — or close to 75% of the liquidations — on Anchor during the period. Liquidations of avalanche (AVAX) came in at $261 million, with the remainder spread across ether (ETH), solana (SOL), and cosmos (ATOM).
The last time a large liquidation event like this happened was a year ago. This was when DeFi lenders Compound and Aave saw a total of $633 million in liquidations amid a general market crash at the time.
What caused this?
In Anchor’s case, the crash of UST was t
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