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first_img The Curve soft liquidation mechanism allows hundreds of loans to survive in a liquidation state for several weeks

According to CoinDesk, data from Curve Finance shows that its lending market has recorded a total of 704 "soft liquidation" events, involving 602 borrower addresses, with a median duration of 14.5 days, of which a quarter lasted at least 38.9 days, and some positions remained within the liquidation range for several months. Of these soft liquidations, 476 began in the first half of 2026. Unlike traditional lending protocols such as Aave and Compound, Curve's LLAMMA system does not sell off collateral all at once after the price drops below a threshold, but gradually converts collateral into borrowed assets within a price range. If the price rebounds before the loan completely fails, some or all of the conversions may be reversed. This means that borrowers are not in a grace period; their collateral has been partially liquidated during the loan's duration, but they still have the opportunity to restore their positions if the price reverses. However, soft liquidations are not without costs. Data shows that borrowers may still incur losses due to transaction fees, conversions, rebalancing, interest, and bid-ask price fluctuations, and if the market remains unfavorable, positions may still fall into hard liquidation. Curve Finance is a mainstream DeFi protocol focused on stablecoin exchanges and crvUSD lending, currently holding approximately $1.35 billion in deposits, with a DEX trading volume of about $3.4 billion over the past 30 days and active loans of about $46 million.

Analysis: The market digests SpaceX's selling pressure, the release of stocks worth hundreds of billions of dollars has landed, but the stock price has not seen a significant drop

According to Bloomberg, SpaceX's stock performed relatively steadily on Thursday, following the expiration of a lock-up agreement that restricted insiders from selling shares, involving the release of approximately 911.5 million shares, valued at about $100 billion based on current estimates.Trading data shows that SpaceX's stock price fluctuated within a range of less than 3% in the early morning, as the market digested the potential selling pressure from this large-scale share release. In the first 30 minutes after the market opened, the trading volume approached 93 million shares, accounting for about 40% of the total trading volume from the previous trading day.This release occurred shortly after SpaceX's first financial report was published. Previously, due to concerns from investors about the company's investment in artificial intelligence being higher than expected, SpaceX's stock price had dropped by about 14%. However, most Wall Street analysts still maintain a long-term optimistic view of the company.The market's focus includes SpaceX's future investment plans in AI, satellite internet, and mobile communications. Although facing short-term capital expenditure pressures, analysts believe that the company's leading position in rocket launches, the Starlink satellite network, and the commercial space sector remains an important factor supporting its long-term valuation.This stock release, valued at approximately $100 billion, has also become an important event for the market to test investor confidence after SpaceX's listing. The stock price did not experience significant fluctuations, indicating that the market had certain expectations regarding the liquidity release for internal shareholders.
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