Major DeFi Move: Curve Finance Creator Bolsters Position With $24M Collateral Deposit Into Aave
Portfolio Pulse from Murtuza Merchant
Michael Egorov, the creator of Curve Finance, deposited 38 million Curve DAO (CRV) tokens worth $24 million into Aave, a decentralized lending platform. This move bolsters his collateral and reduces the likelihood of liquidation. Egorov backed his loan on Aave with 277 million CRV tokens, representing 32% of CRV's total circulating supply.
June 12, 2023 | 4:43 pm
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POSITIVE IMPACT
Michael Egorov deposited $24 million worth of CRV tokens into Aave, reducing the likelihood of liquidation and potentially increasing Aave's stability.
The deposit of $24 million worth of CRV tokens into Aave by Michael Egorov reduces the likelihood of liquidation, which could lead to increased stability for the platform. This may positively impact Aave's price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Michael Egorov used 32% of CRV's total circulating supply as collateral for his loan on Aave, reducing the risk of widespread liquidation and potential decline in CRV's value.
By using 32% of CRV's total circulating supply as collateral, Michael Egorov reduces the risk of widespread liquidation, which could lead to a decline in CRV's value. This may positively impact CRV's price in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90