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Curve Liquidation Event Looms Despite Salvation Efforts

August 2, 2023
in Business
Curve Liquidation Event Looms Despite Salvation Efforts
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http://fullycrypto.com/

By Mark Hunter

13 hours agoWed Aug 02 2023 09:34:02

Curve-Liquidation-Event-Looms-Despite-Salvation-Efforts

Reading Time: 2 minutes

A potential DeFi contagion event looms following the $62 million hack of Curve Finance, with efforts to stabilize the protocol ongoing
Concerns arise over Curve founder Michael Egorov’s substantial borrowing against CRV holdings, posing risks to on-chain lending markets
DeFi protocols have taken proactive steps to protect themselves from systemic risks

A DeFi contagion event still looms large over the hack of Curve Finance despite the community stepping up to try and stabilize it. A $62 million hack on Sunday left Curve backers and the wider community scurrying to try and support the protocol as the potential for significant liquidations continues to present a threat. As a result, DeFi protocols are taking proactive steps to protect themselves from potential systemic risks, while Curve founder Michael Egorov’s substantial borrowing against his CRV holdings has raised concerns among on-chain lending markets. 

Michael Egorov’s Affairs Come Under Scrutiny

The hack, and the resulting collapse of the CRV token, put Curve Finance founder Michael Egorov’s $118 million borrowing position against his CRV tokens at risk of liquidation. Were this to happen it could trigger a liquidation cascade that could have ramifications for the entire DeFi ecosystem.

The DAO’s governing lending platform Abracadabra, from which Egorov borrowed $18 million in tokens, has decided to hold CRV through the crisis rather than risk selling into a liquidation cascade, thus preventing the accumulation of bad debt. The DAO has approved an emergency measure to temporarily change how it tracks CRV token prices to avoid inadvertent selling.

Meanwhile, various Twitter accounts have been tracking Egorov’s sales to try and steady the ship:

Curve founder Michael Egorov sells $40 mm CRV to @machibigbrother @0xSifu and more 🤯🤯🤯

In total he has sold $39.25 million $CRV for $15.8 million $USD.

Data suggests the $CRV was sold at a price of $0.40 with a 6 month lock up and a potential price unlock at $0.80 pic.twitter.com/Bui9ubWMyv

— Jonesy (@cardmanjones) August 1, 2023

More and more institutions and investors bought $CRV via OTC!

Machi Big Brother bought 3.75M $CRV.
DWF Labs bought 2.5M $CRV.https://t.co/MQg382LigF bought 2.5M $CRV.
…

Michael Egorov has sold a total of 39.25M $CRV via OTC and received 15.8M $USDT.https://t.co/hQBlW5WG6J pic.twitter.com/NMIQ2p05ZL

— Lookonchain (@lookonchain) August 1, 2023

Projects Look to Shore Up Defenses

Elsewhere in the DeFi ecosystem, projects are reinforcing the connections that link various DeFi protocols together. For instance, the stablecoin-focused Reserve Protocol has sought help to establish a more robust incident response strategy in case of crises such as the current events surrounding Curve Finance. This coordination between developers aims to ensure a more unified approach during challenging times.

As uncertainty looms, many in the DeFi community remain vigilant but apprehensive about the potential risks. While some protocols reassure users of safety, others caution against potential market downturns, highlighting the importance of staying informed and prepared.

Despite the challenges, the DeFi sector continues to adapt and strengthen its defenses against emerging threats, aiming to preserve the integrity and resilience of the broader DeFi ecosystem.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FullCrypto – https://fullycrypto.com/curve-liquidation-event-looms-despite-salvation-efforts?utm_source=rss&utm_medium=rss&utm_campaign=curve-liquidation-event-looms-despite-salvation-efforts

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