The total liquidation amount of Ethereum-based lending markets in August reached $436 million, with Aave accounting for $289 million, or about 66% of the total liquidation amount. This is the second-highest monthly liquidation amount in the history of Ethereum-based lending markets, second only to May 2021, when the liquidation amount was approximately $671 million. The reason for these unusually high on-chain loan liquidations is obvious: the price of ETH fell by 22% month-on-month in August, and even fell by 35% at the monthly low point.