Ichi tokens tumbled 90% Monday as a lending pool on Rari went awry. Here's what happened. By shauryamalwa
Ichi’s ICHI governance tokens have plunged some 90% in the past 24 hours after a series of cascading liquidations in its pool on yield-generating platform Rari, data show.
meant the price suddenly plunged, and the pool was drained. At the time of writing, the liquidity sits at $0 as the entire pool was wiped out as crypto prices declined yesterday.Rari allows users to supply and borrow any asset in its Fuse pools to earn yields on their idle capital. Users can set up their own pools with a basket of Ethereum-based assets. Other users can deposit funds into those pools to earn yields.
"Liquidity was structured so the bulk of it sat just under market price, allowing the pool to absorb sells with minimal impact," explained Aswath Balakrishnan, vice president of research at Delphi Digital, in a Telegram message."There wasn't enough liquidity to absorb all the ICHI liquidations, causing the price to cascade."
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