{"id":545334,"date":"2023-08-01T22:30:50","date_gmt":"2023-08-01T22:30:50","guid":{"rendered":"https:\/\/uniquehot.com\/?p=545334"},"modified":"2024-06-11T14:39:15","modified_gmt":"2024-06-11T14:39:15","slug":"michael-egorovs-100-million-position-a-risk-to-curve-finance-and-defi","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/michael-egorovs-100-million-position-a-risk-to-curve-finance-and-defi\/","title":{"rendered":"Michael Egorov\u2019s $100 Million Position, A Risk To Curve Finance And DeFi?"},"content":{"rendered":"

Following the recent exploit of Curve Finance pools, there have been genuine concerns about the stability of the decentralized exchange and the Decentralized Finance (DeFi) ecosystem. A new report has emerged, raising questions about Curve founder Michael Egorov’s $100 million loan positions.<\/span><\/p>\n

These positions have garnered significant interest, as they are backed by about 47% of the entire CRV circulating supply. With the price of CRV dwindling, these debts appear to be at risk of liquidation, putting the Curve protocol, CRV investors, and the overall DeFi space on edge.\u00a0<\/span><\/p>\n

Related Reading: Ethereum DeFi Coins Plunge As Curve Concerns Threaten Major Market Crash<\/a><\/div>\n

A Breakdown Of <\/span>Michael Egorov\u2019s $100 Million Loan<\/span><\/h2>\n

On Tuesday, August 1, crypto research firm Delphi Digital released a series of tweets<\/a>, detailing the loan positions being held by Michael Egorov. According to the report, the Curve Finance founder has around $100 million in loans across various lending protocols backed by 427.5 million CRV tokens.<\/span><\/p>\n

Egorov has a 63.2 million USDT loan backed by 305 million CRV tokens on Aave.\u00a0 Delphi Digital revealed that the position has a liquidation threshold of 55% and is eligible for liquidation at 0.3767 CRV\/USDT.<\/span><\/p>\n

For context, the CRV currently trades at $0.608595, according to CoinGecko data<\/a>. This means that a 38% price decline will cause a liquidation of Egorov\u2019s position on the Aave protocol.<\/span><\/p>\n

Meanwhile, the Curve founder has 59 million CRV backing a loan of 15.8 million FRAX on Frax Finance. Although this debt is much lower than his Aave position, it poses a much more significant risk to CRV due to Fraxlend\u2019s Time-Weighted Variable Interest Rate.<\/span><\/p>\n

Delphi Digital also noted that liquidation of the Frax loan position can occur regardless of CRV\u2019s price. According to the research firm, the loan is currently at 100% utilization, which allows the interest rate to double every 12 hours.<\/span><\/p>\n

While the interest rate currently stands at 81.20%, Delphi Digital said that it can potentially increase to the maximum of about 10,000% APY in 3.5 days. This high-interest rate could result in the eventual liquidation of the debt.<\/span><\/p>\n

\"Curve<\/p>\n

CRVUSDT trading at $0.598 | Source: daily CRVUSDT chart from TradingView<\/a><\/pre>\n
How Has The Curve Finance Founder Responded?<\/span><\/h2>\n
So far, Michael Egorov has tried to stabilize his positions and the utilization rate twice, repaying a total of 4 million FRAX on July 31st. However, the utilization rate remained at 100%, as users swiftly remove liquidity as soon as he makes the payment.<\/span><\/p>\n
To address this, the Curve founder deployed a new Curve pool on Tuesday, August 1. This pool consists of stablecoin crvUSD and Fraxlend\u2019s CRV\/FRAX LP token, seeded with 100,000 CRV rewards.\u00a0<\/span><\/p>\n
This is to incentivize liquidity toward the lending market, decrease the utilization rates, and ultimately reduce the liquidation risks.<\/span><\/p>\n
According to Delphi Digital, this pool attracted $2 million in liquidity and lowered the utilization rate to 89% four hours after launch.<\/span><\/p>\n
Related Reading: Is It A Good Idea To Buy Curve Now? Here\u2019s What This Founder Thinks<\/a><\/div>\n
<\/div>\n
\n
Featured image from Binance Academy, chart from TradingView<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Following the recent exploit of Curve Finance pools, there have been genuine concerns about the stability of the decentralized exchange and the Decentralized Finance (DeFi) ecosystem. A new report has emerged, raising questions about Curve founder Michael Egorov’s $100 million loan positions. These positions have garnered significant interest, as they are backed by about 47% of the entire CRV circulating supply. With the price of CRV dwindling, these debts appear to be at risk of liquidation, putting the Curve protocol, CRV investors, and the overall DeFi space on edge.\u00a0 Related Reading: Ethereum DeFi Coins Plunge As Curve Concerns Threaten Major Market Crash A Breakdown Of Michael Egorov\u2019s $100 Million Loan On Tuesday, August 1, crypto research firm Delphi Digital released a series of tweets, detailing the loan positions being held by Michael Egorov. According to the report, the Curve Finance founder has around $100 million in loans across various lending protocols backed by 427.5 million CRV tokens. Egorov has a 63.2 million USDT loan backed by 305 million CRV tokens on Aave.\u00a0 Delphi Digital revealed that the position has a liquidation threshold of 55% and is eligible for liquidation at 0.3767 CRV\/USDT. For context, the CRV currently trades at $0.608595, according to CoinGecko data. This means that a 38% price decline will cause a liquidation of Egorov\u2019s position on the Aave protocol. Meanwhile, the Curve founder has 59 million CRV backing a loan of 15.8 million FRAX on Frax Finance. Although this debt is much lower than his Aave position, it poses a much more significant risk to CRV due to Fraxlend\u2019s Time-Weighted Variable Interest Rate. Delphi Digital also noted that liquidation of the Frax loan position can occur regardless of CRV\u2019s price. According to the research firm, the loan is currently at 100% utilization, which allows the interest rate to double every 12 hours. While the interest rate currently stands at 81.20%, Delphi Digital said that it can potentially increase to the maximum of about 10,000% APY in 3.5 days. This high-interest rate could result in the eventual liquidation of the debt. CRVUSDT trading at $0.598 | Source: daily CRVUSDT chart from TradingView How Has The Curve Finance Founder Responded? So far, Michael Egorov has tried to stabilize his positions and the utilization rate twice, repaying a total of 4 million FRAX on July 31st. However, the utilization rate remained at 100%, as users swiftly remove liquidity as soon as he makes the payment. To address this, the Curve founder deployed a new Curve pool on Tuesday, August 1. This pool consists of stablecoin crvUSD and Fraxlend\u2019s CRV\/FRAX LP token, seeded with 100,000 CRV rewards.\u00a0 This is to incentivize liquidity toward the lending market, decrease the utilization rates, and ultimately reduce the liquidation risks. According to Delphi Digital, this pool attracted $2 million in liquidity and lowered the utilization rate to 89% four hours after launch. Related Reading: Is It A Good Idea To Buy Curve Now? Here\u2019s What This Founder Thinks Featured image from Binance Academy, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":545359,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[79511,83432,88553,83460,87574],"class_list":["post-545334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-aave","tag-crv","tag-curve-dao","tag-curve-finance","tag-frax-finance"],"acf":[],"yoast_head":"\nMichael Egorov\u2019s $100 Million Position, A Risk To Curve Finance And DeFi?<\/title>\n<meta name=\"description\" content=\"Following the recent exploit of Curve Finance, there have been concerns about the stability of the decentralized exchange and the DeFi market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/uniquehot.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Michael Egorov\u2019s $100 Million Position, A Risk To Curve Finance And DeFi?","url":"http:\/\/uniquehot.com\/news\/michael-egorovs-100-million-position-a-risk-to-curve-finance-and-defi\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/michael-egorovs-100-million-position-a-risk-to-curve-finance-and-defi\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/04890cb8cf134a4f86b10fca40381ba6.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/04890cb8cf134a4f86b10fca40381ba6.png?fit=1600%2C900"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["aave","crv","curve dao","curve finance","frax finance"],"dateCreated":"2023-08-01T22:30:50Z","datePublished":"2023-08-01T22:30:50Z","dateModified":"2024-06-11T14:39:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Michael Egorov\\u2019s $100 Million Position, A Risk To Curve Finance And DeFi?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/michael-egorovs-100-million-position-a-risk-to-curve-finance-and-defi\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/michael-egorovs-100-million-position-a-risk-to-curve-finance-and-defi\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/04890cb8cf134a4f86b10fca40381ba6.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/04890cb8cf134a4f86b10fca40381ba6.png?fit=1600%2C900\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"aave\",\"crv\",\"curve dao\",\"curve finance\",\"frax finance\"],\"dateCreated\":\"2023-08-01T22:30:50Z\",\"datePublished\":\"2023-08-01T22:30:50Z\",\"dateModified\":\"2024-06-11T14:39:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/04890cb8cf134a4f86b10fca40381ba6.png?fit=1600%2C900","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/545334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=545334"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/545334\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/545359"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=545334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=545334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=545334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}