Suilend Suspends IKA Loans Amid Market Volatility

According to BlockBeats, the Sui ecosystem lending protocol Suilend has announced a suspension of IKA loans until further notice. This decision follows a dramatic surge in IKA's value from $0.04 to $0.47 earlier today, which led to some loans being liquidated at inflated valuations. Consequently, positions suffered losses, resulting in a $379,000 funding gap that has affected IKA depositors, reducing each depositor's IKA balance by 6%. Earlier reports from BlockBeats indicated that IKA experienced a sharp 700% increase at 5:11 AM UTC+8, followed by a decline. Over the past 24 hours, IKA faced liquidations totaling $2.2189 million, with short positions accounting for $2.1157 million of this amount.