Curve Finance founder cuts debt to $42.7M, settles entire Aave loan
Curve Finance founder Michael Egorov still has a debt of $42.7 million across four protocols, including Silo, Fraxlend, Inverse and Cream.
Michael Egorov, the founder of decentralized finance (DeFi) protocol Curve, has recently settled his loans on the lending platform Aave, reducing his debt position to $42.7 million across other DeFi protocols.
According to the on-chain analytics platform Lookonchain, the Curve founder deposited 68 million CRV tokens, worth $35.5 million, to lending protocol Silo and borrowed 10.77 million in the crvUSD stablecoin in the last two days. Following this, Egorov swapped the crvUSD into Tether (USDT) and paid all his debt on Aave.
Michael Egorov deposited 68M $CRV ($35.5M) to #Silo and borrowed 10.77M $crvUSD in the past 2 days.
— Lookonchain (@lookonchain) September 27, 2023
Then swapped $crvUSD for $USDT and repaid the all debt on #Aave.
He currently has 253.67M $CRV($132.52M) in collateral and $42.7M in debt on 4 platforms.https://t.co/stkFvDrlnv pic.twitter.com/oBQ4yiT9Xs
According to Lookonchain, the Curve Finance founder currently has a total of 253.67 million CRV tokens in collateral and has a remaining debt of $42.7 million across four protocols including Silo, Fraxlend, Inverse and Cream.
On Aug. 1, Egorov made headlines for his $100 million DeFi debt, as reports showed that further drops in the price of Curve DAO (CRV) tokens could potentially trigger liquidations and cause a DeFi implosion. Seeing the risks, the Curve Finance founder made some moves to lower his debt and utilization rate back then.
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