According to Cryptoslate, the decentralized credit protocol Maple reported that during the price crash on February 2nd, platform users' positions were not liquidated, resulting in no bad debts. The report also pointed out that users deposited $10 million during this period to enhance margin, thereby avoiding the occurrence of liquidation events. On that day, as the price of Ethereum briefly fell to a low of around $2000, major cryptocurrencies generally fell by 10% to 30%, and over $10 billion in positions were liquidated.
The report emphasizes that Maple's "blue chip" and "high-yield secured loan" products have consistently maintained an over collateralized status during this volatility period, thanks to margin call notices issued before the collateral level reached a critical point. During the large-scale liquidation on February 2nd, the high-yield guarantee fund pool attracted a capital inflow of $2 million. The Syrup fund pool combines these two strategies to increase returns, but also faces more risks as a result. The fund pool issued margin call notifications to 35% of the loans, resulting in an additional deposit of $5 million. The borrower added $7.4 million in collateral and repaid $7.4 million in loans, thereby enhancing the stability of Maple's loan books.
As of February 6th, the average collateral ratio of each fund pool is 165%. The report also pointed out that despite the withdrawal of the yield option in DeFi protocols, their vaults still achieved double-digit annualized returns.
