Vault debt cleared by liquidation auctions. The 2022-23 stablecoin vault wind-downs ($260M) and 2026-01-19 ($54.4M) were 0%-penalty governance wind-downs, not market stress
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Debt liquidated over the trailing 365 days; 82% was the 0%-penalty G-UNI wind-down on 2026-01-19 ($54.4M)
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Days from the most recent liquidation to the latest day of data
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Collateral sold in liquidation auctions, by product, market and collateral
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Liquidations started. The 2022-23 stablecoin vault wind-downs and 2026-01-19 were 0%-penalty governance wind-downs, not market stress
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Penalties Sky earned from liquidations, by product, market and collateral
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Sky's net result from liquidations as a line: penalties less keeper incentives and auction losses
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What liquidated borrowers gave up beyond their debt: the penalty to Sky and the discount to keepers
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When a vault's collateral value falls below its market's minimum ratio, anyone can trigger a liquidation. Sky seizes the collateral and auctions it to repay the debt plus a liquidation penalty, which Sky keeps as revenue. Since Liquidations 2.0 in 2021 these are Dutch auctions whose price falls until a keeper buys; keepers earn the discount, plus a small incentive from Sky for starting each auction.
If an auction raises less than the debt, Sky absorbs the shortfall. The largest losses came in the March 2020 crash, when some auctions cleared at zero bids. Governance wound down the stablecoin vaults (TUSD-A in April 2022; USDC-A, PAXUSD-A and GUSD-A between December 2022 and March 2023) and the G-UNI vaults on 2026-01-19 through liquidations with a 0% penalty; those spikes are wind-downs, not market stress.
Lockstake liquidations are included as they happen. RWA vaults and Prime credit lines are not liquidated this way. Ethereum only.
Lifetime liquidations on every market that has had one
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