Venus Protocol Ready For BNB Liquidation At $220

The liquidation address has set aside $30 million to settle the account debt, with more money available if necessary. There will be no BNB dumps, and there will be no gaps on Venus. According to the latest update from Coincu, this announcement has now been deleted on the project’s official Twitter page, indicating a potential for a possible liquidation and the parties are working on a confidential agreement.

#PeckShieldAlert ~$204.8M worth of $BNB faces liquidation if the price drops below -20% of its current value.
The BNBChain’s Cross-Chain Bridge (0x489a) has deposited 920,000 BNB ($255,897,935) into @VenusProtocol, and their position is subject to liquidation at a price of ~$220… pic.twitter.com/uCoanA5aId

— PeckShieldAlert (@PeckShieldAlert) June 12, 2023

Venus DAO is a community-driven organization in charge of the Venus Protocol, a decentralized lending and borrowing network based on the Binance Smart Chain. The Venus Protocol enables users to borrow and lend cryptocurrency while also earning interest on their investments.

As Coincu reported, the BNB bridge has been compromised, putting Binance Coin in jeopardy, with a possible liquidation of $200 million on Venus Decentralized DAO looming if the price falls below $220.

Open interest, or the number of unsettled and active futures contracts tied to Binance’s BNB token, continues to rise, according to data tracked by Coinglass.

Total open interest rose to 1.62 million BNB ($360 million) on Monday, the highest since Jan. 1. The tally has increased by over 8% in the past 24 hours and nearly 27% in one week.

BNB’s going market rate fell to $225 early Monday, nearly matching the low registered on December 17. Prices have declined by 25% since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance on June 5.

BNB price chart. Source: TradingView

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Source