Celsius Pays Back Maker’s Debt Via DAI Stablecoin

• Celsius network has repaid almost $143 M debt through the Maker wallet.
• The liquidation price is reduced to $4,966.86 post the last transaction.

The so-called Celsius wallet 25977 has repaid 142.8M DAI as of July 1, as per Defi Explorer data. The wallet currently holds 23,962 WBTC as collateral, and the debt is marked to be 82M DAI. The historic price of BTC at the time of transacting was $19,792. 

The transactions made in the last four days are as follows, 22.6 M DAI on July 1st, a cumulative of 120.2 M DAI just on July 4th. The liquidation price has also been reduced from $8,839.56 to $ $4,966.86. The ratio has also increased from 324.65% to 577.81%.

Celsius Debt Repayment

July seems to be a pretty good start for the Crypto lending firm, Celsius network. The network halted all functioning on June 13, and post that there was no official announcement on the firm’s behalf. They released a blog on June 30, mentioning that they were working towards preventing assets and preserving clients’ integrity. 

The repayment of the Maker’s debt is like the removal of one hurdle on the route back to solvency by the Celsius network, but there is more to go. Celsius has also reduced their workforce by cutting 150 employees.

The price of CEL has also increased 35.1% in the last 7 days and 18.1% in the last 24hrs. The current price of CEL is $1.01, as per CoinGecko. The market capitalization has also increased and is calculated to be $429 million.

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