Surprise Move from Curve’s Founder! He Completely Paid Off His Debt to This Altcoin!

In a significant move, Curve founder Michael Egorov has completely closed his remaining debt position on decentralized lending platform Aave.

Curve Founder Michael Egorov Pays Off His Debt to Aave

This development was revealed through on-chain data meticulously tracked by web3 data analytics provider Lookonchain.

Egorov carried out a series of strategic transactions over the past two days. First, the non-custodial lending protocol deposited a significant sum of CRV 68 million, equivalent to $35.3 million, into Silo.

It then borrowed 10.8 million units from Curve’s decentralized stablecoin crvUSD. Following this, Egorov quickly exchanged crvUSD for Tether’s USDT stablecoin and used it to fully repay the outstanding debt position on Aave.

Egorov currently holds 253.7 million CRV worth of collateral, worth approximately $132 million.

This collateral secures remaining debt positions of $42.7 million spread across four other leading DeFi protocols, as highlighted by Lookonchain.

These include 17.1 million CRVUSD ($17.1 million) in Silo, 13.1 million FRAX ($13.1 million) in Fraxlend, 10 million DOLA ($10 million) in Inverse, and 2 million USD in Cream. There is a debt of .5 million USDC and USDT.

Egorov’s complex debt management strategy has been going on for some time. In August, it held the sale of 106 million CRV tokens, generating $46 million in revenue.

This strategic move was aimed at mitigating potential risks associated with liquidation due to outstanding debt on various DeFi platforms, including Aave.

Egorov took a proactive approach to debt repayment by converting CRV tokens into stablecoins.

*This is not investment advice.