Cointime

Cointime

Download App
iOS & Android
Home / Point

Curve Finance Founder Offloads DeFi Positions to Alleviate Debt, but Liquidity Sources Raise Questions

Michael Egorov, founder of Curve Finance, is selling some of his DeFi positions to pay off his debt. However, some have raised concerns about his liquidity sources. Egorov sold around 50 million CRV tokens over the counter to several buyers at a below-market rate of $0.40 per token, including Tron founder Justin Sun and tech entrepreneur Jeffrey Huang.

Wintermute CEO Evgeny Gaevoy suggested that some of the entities Egorov is dealing with "are kind of questionable". Despite repaying some of his debts, Egorov still owes around $60 million in stablecoins on Aave, $12 million on Abracadabra, and around $8 million on Inverse, as well as a $9 million loan on Frax with an 85% interest rate.

Curve DAO Token Curve DAO Token $1.08
+29.85%
Curve Finance DeFi
Comments

All Comments

Recommended for you

  • Matrixport: Solana’s funding rate is currently as high as 70% annualized, and a price correction may occur

    According to a report, Matrixport has released a chart today stating that Grayscale has submitted an application to convert Solana Trust into a spot ETF. Although the current asset management scale of the product is relatively small at $134 million, if approved, it will set an important market precedent for other ETF issuers. It is important to note that Solana's financing rate is currently as high as 70% annualized, which creates significant pressure on leveraged long positions. Historical experience shows that similar high financing rates are often related to price corrections, as was the case in March of this year when the SOL-USDT price fell under similar financing rate backgrounds.

  • Japanese Prime Minister Shigeru Ishiba is cautious about separate taxation of cryptocurrencies and approval of ETFs

     Japanese Prime Minister Shizuo Shima expressed caution about the unified 20% separate taxation rule for cryptocurrency in a representative issue at a plenary session of the House of Representatives. "Is it appropriate to encourage investment in cryptocurrency such as stocks and investment trusts that have investor protection regulations? Will the public understand the idea of applying separate self-assessment taxation? There are several issues that need to be resolved. We need to consider it carefully." At the same time, "whether cryptocurrency should be included in ETFs depends on whether cryptocurrency is an asset that needs to be made more easily accessible to the public."

  • South Korea's ruling party may ask Yoon Seok-yeol to quit the party and propose the resignation of the entire cabinet and the dismissal of the defense minister

    According to multiple media reports on December 4th, the ruling party of South Korea, the National Power Party, held an emergency meeting to discuss the measures to be taken after President Yoon Seok-yeol announced the lifting of martial law. Several attendees stated that they had reached a certain consensus on issues such as demanding Yoon Seok-yeol's resignation from the party, the resignation of the entire cabinet, and the dismissal of the Minister of Defense. Prior to this, Han Dong-hoon, a representative of the ruling party, stated that the president's decision to declare a state of emergency was wrong.

  • Asian Equities Strong, CNH Falls Amid Tariff Threat and China Economic Work Conference Expectations

    Several Asian countries, including Indonesia, Japan, Pakistan, South Korea, Taiwan, and Thailand, experienced gains of over 1% in their equities. The offshore traded renminbi fell against the US dollar early in the trading day, which could be due to President Trump's recent tariff threat or the Euro's rough outing. The Hang Seng and Hang Seng Tech indexes rose in Hong Kong, with energy and financials leading the gains. The US government added more than 130 foreign companies to its "Entity List," which requires additional licensing, and 22 Chinese provinces have announced plans to refinance RMB 1.673tn of hidden debt. Copper and steel prices gained while treasury bond prices fell.

  • Decentralized AI investment strategy analysis platform OpenPad AI completes $2 million financing, led by Basics Capital

    OpenPad AI, a data-driven investment strategy platform that utilizes decentralized AI analysis, has announced the completion of a $2 million financing round. Basics Capital led the investment, with participation from Protein Capital, Spicy Capital, Green Arrow Adventures, VivaTech Ventures, Brinc, Boba Network, Avalon Wealth Club, Coin Bold, and TechFarm. OpenPad AI combines blockchain technology with artificial intelligence, allowing users to access investment strategies, project ratings, and real-time market insights while maintaining control over their data.

  • Judge again rejects Musk's high compensation plan, Tesla to appeal

    a Delaware judge has once again rejected Musk's high salary plan at Tesla. Tesla's official social media responded to this by stating that the court's ruling was incorrect and that they will appeal. If this ruling is not overturned, it means that the judge and plaintiff's lawyers are managing Delaware companies rather than their legitimate owners - shareholders.

  • Norway’s Wealth Fund Watchdog to Review Cryptocurrencies by 2025

    According to market news reported by , the supervisory authority of Norway's wealth fund will conduct reviews on shoe manufacturers, cryptocurrency, and gambling companies in 2025, which may lead to divestment.

  • OpenAI responds to Musk's lawsuit: The application is repeated and still unfounded

    recently Musk requested a US court to block OpenAI, an artificial intelligence research center, from illegally transforming into a for-profit enterprise. A spokesperson for OpenAI said that Musk's application is repetitive and still baseless.

  • Musk says SpaceX could be worth more than $1 trillion

    a netizen posted on social media platform X claiming that there are 9 companies in the world with a market value exceeding one trillion US dollars, of which 8 are American companies. In response, Musk replied that SpaceX may one day become one of them.

  • DeFi TVL exceeds $95 billion again

    According to defillama data, as of May 18, 2024, the total value locked (TVL) in DeFi has once again surpassed $95 billion. It is currently reported at $95.069 billion, an increase of nearly $12 billion from the low point of $83.04 billion 35 days ago. Among the top five protocols in terms of TVL, Eigenlayer has the highest 30-day increase, with TVL rising by 19.67% to a total of $15.455 billion.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company