Decentralized trade (DEX) dYdX was compelled to make use of its insurance coverage fund to cowl $9 million in consumer liquidations on Nov. 17. In accordance to dYdX founder Antonio Juliano, the losses resulted from a “focused assault” towards the trade.
Primarily based on studies from the dYdX crew on X (previously Twitter), the v3 insurance coverage fund was used “to fill gaps on liquidations processes within the YFI market.” The Yearn.Finance (YFI) token dropped 43% on Nov. 17 after hovering over 170% within the earlier weeks. The sudden value crash raised considerations throughout the crypto group a few doable exit rip-off.
Proceed Studying on Cointelegraph
