FT's first big drawdown event, equity account based lending only liquidated about ~$50k in liquidations, equity accounting meant far less liquidations (netted risk vs discounted collateral) and soft liquidations meant far smaller amounts (average liquidation sizes were $200-$2k), in LTV based system this number would have been 10x-20x higher. Safer, less volatile, smaller haircuts. https://flyingtulip.com/lend/dashboard/(Andre Cronje)