Home Crypto Huobi’s Jun Du acquires 10 million CRV tokens to assist Curve

Huobi’s Jun Du acquires 10 million CRV tokens to assist Curve

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Huobi’s Jun Du acquires 10 million CRV tokens to assist Curve

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Jun Du, the co-founder of Huobi, has purchased 10 million Curve tokens (CRV) for $4 million from Michael Egorov, the founding father of Curve, as he seeks methods to lower his uncovered mortgage place.

In an preliminary tweet on August 1, Du made his intention recognized to accumulate 10 million CRV tokens on the prevailing market fee of $0.40, a worth established via numerous over-the-counter transactions involving Egorov and a number of other members of the crypto group. A Block report states that subsequently, Du confirmed by way of direct message on Twitter that he efficiently accomplished the buy and determined to lock up the tokens as veCRV.

This lockup gives him with voting rights on the Curve platform in return for holding the tokens inaccessible for a selected period.

Screenshot displaying Jun Du’s 10 million CRV token transaction.¬† ¬†Supply: EtherScan

The co-founder took to Twitter and expressed his assist for Curve, drawing parallels to his earlier help throughout BendDAO’s liquidity disaster. He emphasised that the present challenges had been transitory and that he believed the trade would profit from collective assist. Notably, Du holds positions because the CEO of New Huo Tech, a digital property service platform and serves as a co-founder and GP on the web3 fund ABCDE.

The Curve founder took out a $100 million DeFi stablecoin mortgage utilizing his personal CRV stash as collateral. Nevertheless, the protocol was exploited on July 30, leading to a 30% crash in CRV costs.

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As per Debank, Egorov has managed to repay over $17 million in stablecoin loans, resulting in a marginal enchancment within the general well being of the loans. Nevertheless, regardless of this progress, the DeFi founder nonetheless faces a major debt burden, with roughly $60 million in stablecoins owed on Aave, $12 million on Abracadabra and round $8 million on Inverse. To mitigate the dangers related to its publicity to Curve DAO (CRV), Abracadabra Cash has recommended elevating the rate of interest on its excellent loans.

The AAVE token, which serves because the governance token for the decentralized finance (DeFi) Aave protocol, noticed a major drop of 17% from July 30 to August 1, bringing its worth all the way down to $62. This decline was attributed, partially, to considerations about cascading liquidations on DeFi protocols triggered by the latest exploit within the Curve Finance pool.

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