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Home»Altcoins»Founder of Curve Finance releases loan from Aave and reduces total debt to $42.7 million
Altcoins

Founder of Curve Finance releases loan from Aave and reduces total debt to $42.7 million

2023-09-27No Comments3 Mins Read
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Michael Egorov, founder of Curve Finance, has settled his Aave Protocol loan and reduced his total debt to $42.7 million. Egorov’s DeFi debt profile was revealed on August 1 following a Curve Finance hack that extracted $73.5 million in assets from various liquidity pools.

As expected, the exploit caused a significant drop in CRV’s price, with the Curve governance token losing more than 24% of its value in one day. based on data from CoinMarketCap. This decline in CRV’s market price brought much attention to Egorov’s many debt positions.

According to a report by blockchain research firm Delphi Digital, it was revealed that the founder of Curve Finance owed around $100 million through various DeFi protocols. Interestingly, these loans were backed by 427.5 million CRV tokens, representing 47% of CRV’s entire circulating supply.

Therefore, CRV’s falling price posed a threat of liquidation, which could have been dangerous for the entire DeFi ecosystem.

Michael Egorov closes debt profile on Aave protocol

According to a report On Wednesday, Micheal Egorov settled his debt on the Aave protocol through the on-chain analytics platform Lookonchain.

The report states that Curve’s founder deposited 68 million CRV, worth $35.5 million, into DeFi lending protocol Silo before moving to lend $10.77 million in stablecoin crvUSD.

Afterwards, Egorov exchanged the crvUSD tokens for USDT and completed the repayment of his debt according to the Aave protocol.

Michael Egorov deposited 68 million $CRV ($35.5 million). #Silo and borrowed 10.77 million $crvUSD in the past 2 days.

Then traded $crvUSD for $USDT and paid off all debts #Aave.

He currently has 253.67 million $CRV($132.52 million) in collateral and $42.7 million in debt across 4 platforms.https://t.co/stkFvDrlnv pic.twitter.com/oBQ4yiT9Xs

— Lookonchain (@lookonchain) September 27, 2023

Egorov’s current debt profile

Based on more data from Lookonchain, Michael Egorov’s total debt now stands at $42.7 million, spread across four lending protocols: Fraxlend, Silo, Inverse Finance, and Cream Finance.

See also  The US government adds $204,273,438,011 to the national debt on the first day of the new fiscal year

In detail, the founder of Curve Finance has his largest debt on Silo, where he owes 17.14 million CRVUSD, backed by 105.8 million CRV, worth $55.3 million. On Fraxlend, Egorov owes 13.08 million FRAX, backed by 68.7 million CRV, worth $35.94 million.

At Inverse Finance, Michael Egorov has outstanding debt of 10 million DOLA, backed by 66.18 million CRV, worth $34.5 million. The lowest debt of the Curve Finance founder is at Cream Finance, which includes 2.02 million USDT and 506,000 USDC, backed by 13 million CRV, worth $6.8 million.

In total, Egorov’s debt worth $42.7 million is backed by 253.67 million CRVs, worth $132.53 million, representing 28.87% of the total circulating supply of CRVs.

CRV is trading at $0.516 at the time of writing, with a gain of 2.99% on the last day. Meanwhile, the token’s daily trading volume is down 0.73%, valued at $33.85 million. CRV is the 70th largest cryptocurrency with a market cap value of $452.87 million.

Michael Egorov

CRV trading at $0.5161 on the hourly chart | Source: CRVUSDT chart on Tradingview.com

Featured image of Entrepreneur, chart from Tradingview



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Aave Curve debt Finance Founder loan Million reduces releases total
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