Curve Founder Michael Egorov Settles $35.3 Million Debt Position on Aave Platform, $CRV Set for Bull Run?
Michael Egorov, the founder of the decentralized finance (DeFi) protocol Curve, has recently paid off all his debt on the lending protocol Aave. Currently, he has a remaining debt of $42.7 million across four other DeFi protocols.
Based on on-chain data from Lookonchain, Egorov employed 68 million CRV (equivalent to $35.3 million) as collateral on the decentralized lending platform Silo. This enabled him to borrow Curve’s decentralized stablecoin, crvUSD. Subsequently, he exchanged crvUSD for Tether’s USDT stablecoin, ultimately settling his entire debt position on Aave.
Over the past two days, Egorov has accumulated 10.8 million worth of Curve’s decentralized stablecoin, crvUSD, as a loan on Silo. Presently, he holds 253.7 million CRV, equivalent to $132 million, as collateral.
His outstanding debt is distributed across various protocols, including 10 million DOLA ($10 million) on Inverse, 13.1 million FRAX ($13.1 million) on Fraxlend, $2.5 million in USDC and USDT debt on Cream, and the most recent 17.1 million crvUSD ($17.1 million) on Silo.
In August, Egorov drew attention when it was reported that he had accumulated a debt of $100 million across various DeFi protocols, backed by over 400 million CRV tokens. This raised concerns about the potential impact on the CRV token's price, which, if it were to further decline, could trigger liquidations and potentially lead to a collapse of the entire DeFi market. To mitigate this risk, the founder of Curve has been actively working to reduce his debt and utilization rate.
Egorov initiated the process of taking loans on Aave back in April. Data from the blockchain analytics platform Debank reveals that he used 288.7 million CRV tokens, equivalent to $173 million, as collateral on
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