Michael Egorov, the founding father of decentralized finance (DeFi) protocol Curve, has not too long ago settled his loans on the lending platform Aave, lowering his debt place to $42.7 million throughout different DeFi protocols.
In response to the on-chain analytics platform Lookonchain, the Curve founder deposited 68 million CRV tokens, value $35.5 million, to lending protocol Silo and borrowed 10.77 million within the crvUSD stablecoin within the final two days. Following this, Egorov swapped the crvUSD into Tether (USDT) and paid all his debt on Aave.
Michael Egorov deposited 68M $CRV ($35.5M) to #Silo and borrowed 10.77M $crvUSD up to now 2 days.
Then swapped $crvUSD for $USDT and repaid the all debt on #Aave.
He presently has 253.67M $CRV($132.52M) in collateral and $42.7M in debt on 4 platforms.https://t.co/stkFvDrlnv pic.twitter.com/oBQ4yiT9Xs
— Lookonchain (@lookonchain) September 27, 2023
In response to Lookonchain, the Curve Finance founder presently has a complete of 253.67 million CRV tokens in collateral and has a remaining debt of $42.7 million throughout 4 protocols together with Silo, Fraxlend, Inverse and Cream.
On Aug. 1, Egorov made headlines for his $100 million DeFi debt, as reviews confirmed that additional drops within the worth of Curve DAO (CRV) tokens might probably set off liquidations and trigger a DeFi implosion. Seeing the dangers, the Curve Finance founder made some strikes to decrease his debt and utilization charge again then.
Associated: Curve Finance swimming pools exploited by over $47M resulting from reentrancy vulnerability
On the time, the costs of CRV tokens took a large drop because the protocol suffered a $47 million hack resulting from a reentrancy vulnerability. On July 30, a number of secure swimming pools on Curve Finance had been exploited due to vulnerabilities within the Vyper programming language. In response to Curve Finance, reentrancy locks malfunctioned and the swimming pools had been breached. The value of CRV tokens fell from $0.73 on July 30 to $0.50 on Aug. 1.
