Curve Finance recorded 704 soft-liquidation cases across 602 borrower addresses, with a median duration of 14.5 days and a quarter lasting at least 38.9 days. The cases show how Curve’s LLAMMA system differs from conventional lending platforms: rather than immediately selling collateral after a price threshold is breached, it gradually converts collateral into the borrowed asset across a price range. That conversion can partly reverse if prices recover, although borrowers still face trading fees, rebalancing, interest and the risk of hard liquidation (full collateral sale after continued deterioration). Curve holds about $1.35 billion in deposits, has roughly $46 million in active loans outstanding, and its decentralized exchange processed about $3.4 billion in volume over the past 30 days. The protocol generated about $4.3 million in fees and $1.15 million in protocol revenue during the same period.