{"id":30223,"date":"2023-09-27T21:56:18","date_gmt":"2023-09-28T01:56:18","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30223"},"modified":"2023-09-27T21:56:18","modified_gmt":"2023-09-28T01:56:18","slug":"curve-founder-michael-egorov-clears-aave-loan-reduces-total-debt-to-42-7-million","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/27\/curve-founder-michael-egorov-clears-aave-loan-reduces-total-debt-to-42-7-million\/","title":{"rendered":"Curve Founder Michael Egorov Clears Aave Loan, Reduces Total Debt To $42.7 Million"},"content":{"rendered":"

Michael Egorov, founder of Curve Finance, has settled his loan on the Aave Protocol and cut his total debt to $42.7 million.\u00a0 Egorov\u2019s DeFi debt profile was revealed on August 1 following a Curve Finance hack<\/a> that extracted $73.5 million worth of assets across various liquidity pools.\u00a0<\/p>\n

As expected, the exploit caused a significant decline in the price of CRV, with the Curve governance token losing over 24% of its value in a single day, based on data from CoinMarketCap<\/a>. This fall in CRV\u2019s market price brought much attention to Egorov\u2019s multiple debt positions.\u00a0<\/p>\n

According to a report<\/a> by blockchain research firm Delphi Digital, it was revealed that the Curve Finance founder owed around $100 million across several DeFi protocols. Interestingly, these loans were collateralized by 427.5 million CRV tokens, representing 47% of the entire CRV circulating supply.\u00a0<\/p>\n

Therefore, the dwindling price of CRV presented a threat of liquidation, which could have been dangerous to the entire DeFi ecosystem.\u00a0<\/p>\n

Michael Egorov Closes Debt Profile On Aave Protocol<\/h2>\n

According to a report<\/a> on Wednesday by the on-chain analytics platform Lookonchain, Micheal Egorov has now cleared his debt on the Aave protocol.\u00a0<\/p>\n

The report stated that the Curve Founder deposited 68 million CRV, worth $35.5 million, on DeFi lending protocol Silo before proceeding to borrow $10.77 million worth of the stablecoin crvUSD.<\/p>\n

After that, Egorov swapped the crvUSD tokens for USDT and finalized the repayment of his debt on the Aave Protocol.\u00a0<\/p>\n

Michael Egorov deposited 68M $CRV<\/a> ($35.5M) to #Silo<\/a> and borrowed 10.77M $crvUSD<\/a> in the past 2 days.<\/p>\n

Then swapped $crvUSD<\/a> for $USDT<\/a> and repaid the all debt on #Aave<\/a>.<\/p>\n

He currently has 253.67M $CRV<\/a>($132.52M) in collateral and $42.7M in debt on 4 platforms.https:\/\/t.co\/stkFvDrlnv<\/a> pic.twitter.com\/oBQ4yiT9Xs<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) September 27, 2023<\/a><\/p>\n\n

Egorov\u2019s Current Debt Profile\u00a0<\/h2>\n

Based on more data from Lookonchain, Michael Egorov\u2019s total debt now stands at $42.7 million spread across 4 lending protocols: Fraxlend, Silo, Inverse Finance, and Cream Finance.<\/p>\n

In detail, the Curve Finance founder 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, collateralized by 68.7 million CRV, valued at $35.94 million.\u00a0<\/p>\n

While on Inverse Finance, Michael Egorov has an outstanding debt of 10 million DOLA, backed by 66.18 million CRV, worth $34.5 million. The Curve Finance founder\u2019s lowest debt can be found on Cream Finance, which comprises 2.02 million USDT and 506,000 USDC, secured by 13 million CRV, valued at $6.8 million.\u00a0<\/p>\n

Altogether, Egorov\u2019s $42.7 million debt is backed by 253.67 million CRV, worth $132.53 million, representing 28.87% of the total CRV circulating supply.\u00a0<\/p>\n

CRV trades at $0.516 when writing, with a 2.99% gain on the last day. Meanwhile, the token\u2019s daily trading volume is down by 0.73%, valued at $33.85 million. CRV ranks as the 70th largest cryptocurrency with a market cap value of $452.87 million.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Michael Egorov, founder of Curve Finance, has settled his loan on the Aave Protocol and cut his total debt to $42.7 million.\u00a0 Egorov\u2019s DeFi debt profile was revealed on August 1 following a Curve Finance hack<\/a> that extracted $73.5 million worth of assets across various liquidity pools.\u00a0<\/p>\n

As expected, the exploit caused a significant decline in the price of CRV, with the Curve governance token losing over 24% of its value in a single day, based on data from CoinMarketCap<\/a>. This fall in CRV\u2019s market price brought much attention to Egorov\u2019s multiple debt positions.\u00a0<\/p>\n

According to a report<\/a> by blockchain research firm Delphi Digital, it was revealed that the Curve Finance founder owed around $100 million across several DeFi protocols. Interestingly, these loans were collateralized by 427.5 million CRV tokens, representing 47% of the entire CRV circulating supply.\u00a0<\/p>\n

Therefore, the dwindling price of CRV presented a threat of liquidation, which could have been dangerous to the entire DeFi ecosystem.\u00a0<\/p>\n

Michael Egorov Closes Debt Profile On Aave Protocol<\/h2>\n

According to a report<\/a> on Wednesday by the on-chain analytics platform Lookonchain, Micheal Egorov has now cleared his debt on the Aave protocol.\u00a0<\/p>\n

The report stated that the Curve Founder deposited 68 million CRV, worth $35.5 million, on DeFi lending protocol Silo before proceeding to borrow $10.77 million worth of the stablecoin crvUSD.<\/p>\n

After that, Egorov swapped the crvUSD tokens for USDT and finalized the repayment of his debt on the Aave Protocol.\u00a0<\/p>\n

Michael Egorov deposited 68M $CRV<\/a> ($35.5M) to #Silo<\/a> and borrowed 10.77M $crvUSD<\/a> in the past 2 days.<\/p>\n

Then swapped $crvUSD<\/a> for $USDT<\/a> and repaid the all debt on #Aave<\/a>.<\/p>\n

He currently has 253.67M $CRV<\/a>($132.52M) in collateral and $42.7M in debt on 4 platforms.https:\/\/t.co\/stkFvDrlnv<\/a> pic.twitter.com\/oBQ4yiT9Xs<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) September 27, 2023<\/a><\/p>\n

Egorov\u2019s Current Debt Profile\u00a0<\/h2>\n

Based on more data from Lookonchain, Michael Egorov\u2019s total debt now stands at $42.7 million spread across 4 lending protocols: Fraxlend, Silo, Inverse Finance, and Cream Finance.<\/p>\n

In detail, the Curve Finance founder 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, collateralized by 68.7 million CRV, valued at $35.94 million.\u00a0<\/p>\n

While on Inverse Finance, Michael Egorov has an outstanding debt of 10 million DOLA, backed by 66.18 million CRV, worth $34.5 million. The Curve Finance founder\u2019s lowest debt can be found on Cream Finance, which comprises 2.02 million USDT and 506,000 USDC, secured by 13 million CRV, valued at $6.8 million.\u00a0<\/p>\n

Altogether, Egorov\u2019s $42.7 million debt is backed by 253.67 million CRV, worth $132.53 million, representing 28.87% of the total CRV circulating supply.\u00a0<\/p>\n

CRV trades at $0.516 when writing, with a 2.99% gain on the last day. Meanwhile, the token\u2019s daily trading volume is down by 0.73%, valued at $33.85 million. CRV ranks as the 70th largest cryptocurrency with a market cap value of $452.87 million.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-30223","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=30223"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30223\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30223"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}