ICYMI: ICHI token price collapses by 99% in latest DeFi debacle
The native token of a protocol called ICHI plunged significantly in hours— shocking many observers in the DeFi space.On April 11, the price of DeFi protocol Ichi's native token suddenly collapsed, losing most of its value.
The protocol’s stablecoins maintain a peg to the US dollar via incentivized liquidity pools. This is where the protocol rewards users with tokens to help maintain a value around a dollar mark. The LTV limit or 'collateral factor' determines how much a user can borrow on their collateral from a lending protocol. If a project has a low LTV limit, then it’s much safer because if the value of the collateral drops, the loan is less likely to get liquidated. Having a higher LTV limit means higher risk.
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