The CurveDao cryptocurrency is one of the most systemically important for decentralized finance (De-Fi). The founder of the entire Curve ecosystem, Michael Egorov according to a report in early August held $100 million in cryptocurrency lending protocols.
- A few weeks ago, crypto-millionaire Justin Sun, creator of the Tron blockchain, and the Curve community backed Egorov by protecting him from a margin callem that could spill over into a whole host of cryptocurrencies and lending protocols creating an environment that would drive discounts of probably all cryptocurrencies. Since then, however, the price of CURVEDAO has continued to fall and is now just 20% away from $0.37 where Egorov's position could be closed on margin call.
- Analytics platform Delphi Digital reported in early August that Curve Finance founder Michael Egorov has $100 million locked up in various cryptocurrency lending protocols, their collateral being 427.5 million CRV tokens (47% of Curvedao's total supply).
- Under Avalanche, Egorov was said to have a loan of $63.2 million, which he secured with 305 million CRV. Delphi Digital indicated that the threshold (55%) at which Egorov's Margin Call positions will be liquidated is currently around $0.37. Egorov was also said to have borrowed $15.8 million in the Fraxlend loan protocol, based on a floating interest rate which, according to the Delphi Digital report, poses greater systemic risk.
Source: xStation5
Bitcoin Climbs Above $66,000 as ETF Flows Recover but Glassnode Warns of Higher Volatility
Morning Wrap: Oil Climbs Back Above $90 as Chinese AI Weighs on Tech Stocks.
Morninga Wrap: Wall Street Under Pressure. AI Loses Momentum, Netflix Disappoints, and the Persian Gulf Erupts
Daily Summary: ๐ A Red Day Across Markets. AI Sector Weighs on Wall Street, Precious Metals Under Pressure
