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Home»ADOPTION NEWS»Long-term liquidation surges as Solana price falls
ADOPTION NEWS

Long-term liquidation surges as Solana price falls

By Crypto FlexsJanuary 15, 20243 Mins Read
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Long-term liquidation surges as Solana price falls
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SOL price volatility in the last 24 hours A significant portion of long positions on centralized exchanges have been liquidated. More than $7 million was liquidated due to volatility. brush

-2.87%
The majority (over $6 million) are long positions.

According to CoinGlass data, the overall cryptocurrency market saw more than $88 million worth of long positions liquidated in the last 24 hours, contributing to a total of $126 million in liquidations across various centralized exchanges.

In derivatives markets, liquidation occurs when a trader’s position is forced to close due to insufficient funds to cover losses. This situation occurs when market movements are against the trader’s position and the initial margin or collateral is depleted.

Solana trading volume decreases

Trading volume for Solana-based tokens also declined after hitting a 12-month high in the first week of January, according to data from The Block Data Dashboard. The economic throughput value of the SOL and SPL tokens on the Solana blockchain fell from a yearly high of $47 billion to around $34 billion in a week.

The number of active addresses on the Solana network has also decreased from a yearly high of about 981,000 on Dec. 21 to the current level of about 599,000, according to data from The Block.

Proposal to deploy Aave v3 on Neon EVM

The Solana network was previously bought out by the announcement that Aave’s governance body was considering a proposal to deploy Aave v3. Neon EVM A smart contract platform that powers Ethereum dapps on Solana network.

The proposal, created by the Neon Foundation and Aave contributor Aave Chan Initiative, seeks to initially expand Aave’s lending services to the Solana blockchain as a Minimum Viable Product (MVP). We are currently in a “temperature check” phase where Aave community members can share their views and feedback on the proposed integration.

If approved, Aave will be able to leverage Solana’s liquidity to service loans. According to the proposal, a v3 version of Aave has already been deployed on Neon EVM’s developer-focused testnet (devnet).


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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