Sep 28, 2023

Curve founder Michael Egorov has deposited 68 million CRV tokens worth $35 million to settle his entire debt position on DeFi lending platform Aave, according to blockchain analytics firm Lookonchain.

Video transcript

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day curve founder Michael Egorov has deposited 68 million curve tokens worth $35 million to settle his entire debt position on DEF I lending platform. Ave, that's according to Blockchain Analytics firm. Look on chain. After depositing curve, Egorov converted about 10.8 million curve us D to tether to repay all of the debt on Ave in August. A raised $42 million through over the counter sales of curve tokens to pay off $80 million of unchain debt. This came on the heels of a market wide tumble in asset prices which put Av's curve position on D five lenders dangerously close to liquidation. In the event of liquidation, Ave would have to sell the curve tokens put up as collateral to the open market which would have had a cascading effect due to the lack of liquidity. Now, Aro has over 253 million curve tokens worth more than $132 million in collateral and $42 million in debt across four D five lenders. That's according to de bank curve is currently trading at around 52 cents having risen by almost 2% in the past 24 hours. According to Coindesk data. That's it for today's chart of the day. I'm Jen Senai. We'll see you next time to unpack more of the data behind top news stories.

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