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Yesterday’s decline of the crypto market has triggered the second-largest wave of liquidations in decentralized finance’s (DeFi) history as a total of $24.1 million worth of positions got wiped, according to metrics platform DeBank.

The largest amount of collateral was liquidated on DeFi platform Compound ($13.7 million), followed by Aave with $5.4 million.

Previously, the largest wipe to date occurred on November 26 last year, when an instant increase in the value of DAI stablecoin resulted in the liquidation of $88.4 million worth of positions on Compound. At the time, DAI’s price on Coinbase Pro, which Compound’s oracles used to obtain benchmark rates, jumped by 30%.

Additionally, the total dollar value locked (TVL) in the DeFi sector dropped from $44.5 billion to $38.5 billion yesterday, according to DeBank. This is the single largest daily TVL decline ever.

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