Sui ecosystem Ika short time big pump 900%, triggering million dollar liquidations

The Sui ecosystem Token ika suddenly experienced a big pump at 5:03 AM Taiwan time on the 9th, skyrocketing from 0.043 to 0.431 within half an hour, before retracing. The overall increase reached as high as 900%, but it had returned to a price of 0.036 before the press time. According to CoinMarketCap data, ika has a circulating market capitalization of approximately 109 million USD. Since ika is not listed for Futures Trading on major exchanges, it is speculated that the fluctuations in coin price may have caused a chain liquidation phenomenon in the DeFi protocol.

ika big pump event liquidates one million dollars, one address profits 200,000 through flash loans

According to statistics

SuiLend liquidated 39.8 million ika with a market value of approximately 1.43 million USD (.

Navi liquidated 32.1 million ika at a market price of approximately 1.15 million USD ).

AlphaLend liquidated 57.7 million ika at a market price of approximately 2.07 million USD.

In the entire event, the address 0x175 profited 59,520 SUI and 48,289 ika through flash loans on SuiLend, making a profit of approximately 200,000 USD.

SuiLend: Bad debt risks are borne by users.

The attitudes of several DeFi protocols on Sui have also sparked discussions. Navi's official call for users to set price monitoring and adjust position health to avoid liquidation has been met with user responses that such rapid and extreme price fluctuations are simply difficult to prevent.

AlphaLend has yet to respond, and the most controversial issue is undoubtedly SuiLend. SuiLend officials stated that since ika is an independent asset, the $379,000 bad debt generated from the liquidation will be shared by ika depositors. In other words, users who stake ika on SuiLend will incur a loss of 6% of their ika to cover the bad debt.

Regarding this, the Sui lending protocol Scallop ( has not been listed ika). Founder Kris stated: “Due to the time lag and slippage between the oracle price and the on-chain execution settlement price, any DeFi protocol, whether it is an oracle-based DEX, lending, or other protocols, carries the risk of bad debt. Since its establishment, Scallop's historical bad debt has been less than $50,000. Furthermore, the team believes that this responsibility lies with the protocol team, not the users. Therefore, it is all borne by the protocol party.”

This article discusses the Sui ecosystem ika experiencing a big pump of 900% in a short time, triggering millions of dollars in liquidations. It was first reported by Chain News ABMedia.