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How does a borrowing smart contract know to trigger a liquidation?

Etherum Reddit

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Say you put up a collateral of 1 ETH on Aave and borrow 2300 USDC right now. And then ETH drops and you get liquidated, how does the contract know to liquidate you? Is the exchange rate of ETH/USDC stored somewhere on the blockchain? If not, how does it work?

submitted by /u/trippyreading
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