It is important to keep in mind that the scales of these borrowing markets are vastly different. For example, as of May 24th, 2021, the DAI borrowing market was over 200 times larger than the UNI borrowing market. Thus, large percentage liquidations in small markets may actually much less significant in absolute value terms than small percentage liquidations in large markets.

There are several major liquidation events in Compound’s recent history. First is the liquidation of 6.8% of DAI and 5.0% in November 2020. This was caused by DAI coming off its peg, reaching highs of $1.30 according to some oracles. Then came several UNI liquidations in January and early February. 15% of WBTC borrowed was also liquidated on February 22nd, coinciding with a precipitous slide in BTC prices. The more recent waves of liquidations have likely been triggered by the broader market sell-off as well.