In part 1, we discussed how decentralized lending and borrowing works. To quickly summarize: decentralized loans are secured through the use of collateral, deposited by the borrower. As long as a loan is over-collateralized (the collateral is worth more than the borrowed assets), the loan stays open. If the loan becomes under-collateralized, the collateral can be liquidated (sold to payback the loan) by the lending platform.
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