AAVE executive Luigi Demeo reported approximately $39 million in liquidations over two days on the Aave protocol, with borrowers losing collateral as positions were forcibly closed. The figure highlights significant stress on leveraged and undercollateralized positions within the lending platform during the recent market downturn. Liquidation totals do not necessarily reflect lender losses, as seized collateral is typically sold to repay outstanding debt. The exact breakdown of collateral seized versus debt repaid was not specified in the report.