{"id":545733,"date":"2023-08-04T02:00:27","date_gmt":"2023-08-04T02:00:27","guid":{"rendered":"https:\/\/wncen.com\/?p=545733"},"modified":"2023-08-03T22:26:32","modified_gmt":"2023-08-03T22:26:32","slug":"curve-crv-adds-22-founder-repay-aave-loan","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/curve-crv-adds-22-founder-repay-aave-loan\/","title":{"rendered":"Curve Impressively Adds 22% As Founder Sells CRV To Repay Aave Loan"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">CRV, the governance token of Curve, a decentralized exchange for stablecoins and a key player in the decentralized finance (DeFi) landscape, has impressively recovered, adding 22% after sinking to its August 2023 lows this week.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\"> When writing on August 3, CRV is trading at $0.59, rising double digits after dropping to $0.48 on August 1 following a damaging <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/CurveFinance\/status\/41917952\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">hack<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that saw liquidity providers in several pools lose funds.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Whales Stepping In To Buy CRV<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">This recovery is attributed primarily to strategic actions by notable crypto whales who have stepped in to mitigate risks on DeFi should CRV prices continue to tank. Meanwhile, Michael Egorov, the founder of Curve and one of the largest CRV holders, has been actively unloading tokens in the secondary market.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Egorov is selling to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/lookonchain\/status\/17437953\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">whales<\/span><\/a><span data-preserver-spaces=\"true\"> like Justin Sun, the founder of Tron, and other venture capitals and decentralized autonomous organizations (DAOs). The founder held around 292 million CRV and used a big percentage to back his loans.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-defi-aspirations-may-rattle-doges-market-as-shib-turns-to-digital-ids\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu\u2019s DeFi Aspirations May Rattle DOGE\u2019s Market As SHIB Turns To Digital IDs<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">On-chain data <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/lookonchain\/status\/68272640\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">indicates<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that on August 2, Egorov sold 3.75 million CRV tokens to Yearn Treasury and another 1.25 million CRV tokens to Stake DAO Governance via the over-the-counter (OTC) market. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Egorov has, overall, sold 59.5 million CRV to various institutions and investors, yielding approximately $23.8 million. These OTC sales are at significant discounts, reflecting the founder&#8217;s efforts to stabilize CRV prices and prevent further contagion.<\/span><\/p>\n<figure style=\"width: 1226px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/UjFZtMtk\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/UjFZtMtk\/\" alt=\"CRV price on August 3| Source: CRVUSDT on Binance, TradingView\" width=\"1226\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">CRV price on August 3| Source: <a href=\"https:\/\/www.tradingview.com\/x\/UjFZtMtk\/\" target=\"_blank\" rel=\"noopener nofollow\">CRVUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The July 30 hack saw attackers steal funds from several liquidity pools after exploiting a re-entrancy flaw. JPEG\u2019d, Alchemix, Pendle, and Metronome pools suffered losses initially estimated at around $70 million. However, other reports suggest that white hat hackers intervened, reducing the total impact to approximately $50 million.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Following this news, CRV prices dropped by over 12%. Considering Curve&#8217;s prominence in DeFi, the hack and price crash caused reverberation throughout Curve and DeFi, especially in decentralized money markets.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Curve Is A Big Player In DeFi, Egorov Paying Off Debt<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Curve manages over $2 billion as total value locked (TVL), according to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/protocol\/curve-dex\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">DeFiLlama<\/span><\/a><span data-preserver-spaces=\"true\">. While there are no confirmed repercussions on other protocols, attention swung to Egorov&#8217;s $60 million Aave v2 loan, which was primarily backed by CRV. Should this loan be liquidated, it would likely mean more selling pressure on CRV, leading to another possible contagion, especially for other CRV holders with loans across different protocols.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/solana\/solana-price-could-surge-to-30-upon-overcoming-this-resistance\/\" target=\"_blank\" rel=\"noopener \">Solana Price Could Surge To $30 Upon Overcoming This Resistance<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Looking at on-chain data, Egorov is taking active steps to reduce the risks brought about by his huge Aave loan that&#8217;s overly collateralized by CRV. Egorov aims to minimize the potential consequences of forced liquidation through off-market transactions, where he is selling his CRV at a discount and simultaneously\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/lookonchain\/status\/60684544\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">repaying<\/span><\/a><span data-preserver-spaces=\"true\"> his loan. This, in turn, appears to be supporting prices.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>CRV, the governance token of Curve, a decentralized exchange for stablecoins and a key player in the decentralized finance (DeFi) landscape, has impressively recovered, adding 22% after sinking to its August 2023 lows this week. When writing on August 3, CRV is trading at $0.59, rising double digits after dropping to $0.48 on August 1 following a damaging hack\u00a0that saw liquidity providers in several pools lose funds.\u00a0 Whales Stepping In To Buy CRV This recovery is attributed primarily to strategic actions by notable crypto whales who have stepped in to mitigate risks on DeFi should CRV prices continue to tank. Meanwhile, Michael Egorov, the founder of Curve and one of the largest CRV holders, has been actively unloading tokens in the secondary market. Egorov is selling to whales like Justin Sun, the founder of Tron, and other venture capitals and decentralized autonomous organizations (DAOs). The founder held around 292 million CRV and used a big percentage to back his loans. Related Reading: Shiba Inu\u2019s DeFi Aspirations May Rattle DOGE\u2019s Market As SHIB Turns To Digital IDs On-chain data indicates\u00a0that on August 2, Egorov sold 3.75 million CRV tokens to Yearn Treasury and another 1.25 million CRV tokens to Stake DAO Governance via the over-the-counter (OTC) market. Egorov has, overall, sold 59.5 million CRV to various institutions and investors, yielding approximately $23.8 million. These OTC sales are at significant discounts, reflecting the founder&#8217;s efforts to stabilize CRV prices and prevent further contagion. The July 30 hack saw attackers steal funds from several liquidity pools after exploiting a re-entrancy flaw. JPEG\u2019d, Alchemix, Pendle, and Metronome pools suffered losses initially estimated at around $70 million. However, other reports suggest that white hat hackers intervened, reducing the total impact to approximately $50 million.\u00a0 Following this news, CRV prices dropped by over 12%. Considering Curve&#8217;s prominence in DeFi, the hack and price crash caused reverberation throughout Curve and DeFi, especially in decentralized money markets.\u00a0 Curve Is A Big Player In DeFi, Egorov Paying Off Debt Curve manages over $2 billion as total value locked (TVL), according to\u00a0DeFiLlama. While there are no confirmed repercussions on other protocols, attention swung to Egorov&#8217;s $60 million Aave v2 loan, which was primarily backed by CRV. Should this loan be liquidated, it would likely mean more selling pressure on CRV, leading to another possible contagion, especially for other CRV holders with loans across different protocols. Related Reading: Solana Price Could Surge To $30 Upon Overcoming This Resistance Looking at on-chain data, Egorov is taking active steps to reduce the risks brought about by his huge Aave loan that&#8217;s overly collateralized by CRV. Egorov aims to minimize the potential consequences of forced liquidation through off-market transactions, where he is selling his CRV at a discount and simultaneously\u00a0repaying his loan. This, in turn, appears to be supporting prices. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":545734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[79511,83432,81092,54512,12098,89027],"class_list":["post-545733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-aave","tag-crv","tag-curve","tag-defi","tag-justin-sun","tag-michael-erogov"],"acf":[],"yoast_head":"\n<title>Curve Impressively Adds 22% As Founder Sells CRV To Repay Aave Loan<\/title>\n<meta name=\"description\" content=\"Curve is edging higher, adding 22% as founder sells CRV via OTC to whales like Justin Sun. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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