Curve founder Michael Egorov has settled his remaining debt place on the decentralized lending platform Aave, in response to on-chain information flagged by web3 information analytics supplier Lookonchain.
Egorov deposited 68 million CRV ($35.3 million) to the non-custodial lending protocol Silo and borrowed 10.8 million of Curve’s decentralized stablecoin crvUSD over the previous two days, Lookonchain posted on X (previously Twitter). He then swapped crvUSD for Tether’s USDT stablecoin and repaid his whole debt place on Aave immediately.
Egorov at present has 253.7 million CRV ($132 million) in collateral, securing $42.7 million in remaining debt positions throughout 4 different DeFi protocols, Lookonchain added. This contains 17.1 million crvUSD ($17.1 million) on Silo, 13.1 million FRAX ($13.1 million) on Fraxlend, 10 million DOLA ($10 million) on Inverse and $2.5 million in USDC and USDT debt on Cream.
Egorov’s precarious debt positions and OTC offers
In August, Egorov offered 106 million of CRV for $46 million in offers to cut back potential liquidation dangers related together with his excellent debt throughout the varied DeFi platforms, together with Aave. Egorov has been working to repay a few of this debt to mitigate liquidation dangers by promoting the CRV tokens for stablecoins.
The token gross sales included offers with crypto buying and selling agency Wintermute, Tron founder Justin Solar and NFT investor Jeffrey Huang (Machi Massive Brother). An nameless entity secured the biggest OTC cope with Egorov, buying 17.5 million CRV tokens.
The OTC gross sales adopted a 30% decline within the worth of CRV to $0.50 after a safety exploit affected a number of Curve Finance liquidity swimming pools in July.
Earlier this month, the worth of Curve DAO tokens fell beneath $0.40 after 609,000 CRV purchased over-the-counter from Egorov have been transferred to Binance, solely to be returned a number of hours later.
CRV at present trades at $0.52, in response to CoinGecko — up 1% during the last 24 hours.
CRV/USD worth chart. Picture: CoinGecko.
Disclosure: Wintermute co-founder Evgeny Gaevoy sits on The Block’s board.
