The statement refers to a short position liquidation in Velodrome $VELODROME cryptocurrency. Here's the breakdown:

Amount Liquidated: $1.0796K approximately 1,079.6 US dollars

Liquidation Price: $0.2114 per token.

In a short position, the trader borrows and sells an asset in this case, $VELODROME with the expectation that its price will decrease. However, if the price increases instead, the trader faces a loss.

The liquidation occurred when the price of VELODROME rose to $0.2114, causing the position to be automatically closed to prevent further losses. As a result, the trader incurred a loss of $1.0796K when the price reached this level$VELODROME

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