Tag: DeFi

Michael Egorov’s $100 Million Position, A Risk To Curve Finance And DeFi?

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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.  A…

Bitcoin Rebounds to $29.2K, Recovering From DeFi Fears; CRV Jumps 5%, XRP Rises

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Ether (ETH), the second largest crypto in market value, was recently changing hands at $1,850, off 0.3% from Tuesday same time. SOL and ADA, the tokens of smart contracts platforms Solana and Cardano, were a few fractions of a percentage point in the red, while Ripple’s XRP was up slightly, despite a court ruling casting doubt on its partial legal win against the Securities and Exchange Commission (SEC) last month. Original

Curve liquidation risk poses systemic threat to DeFi even as founder scurries to repay loans

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On July 30, Curve Finance, a decentralized exchange on Ethereum, suffered a hack due to a vulnerability in certain pools built using the Vyper programming language. The price of Curve DAO (CRV) dropped 20.91% on the day of the hack, falling to a two-month low of $0.58. The next day, the decline in CRV continued to a seven-month low of $0.48 amid fears of liquidation of hefty loans worth $100 million taken by Curve Finance founder Michael Egorov against CRV as collateral. However, positive developments such as partial repayment of…

DeFi Died and We Didn’t Even Notice

There’s a real trend within crypto media and on Crypto Twitter to discuss any time something goes wrong in the industry as just another chaotic day. We all have brain worms from being online, ha ha, and cannot even comprehend the disappearance of $70 million anymore, ha ha. Is financial pain even real? Well, not really for me, ha ha, but look at how gross Caroline Ellison is, ha ha. Source

How DeFi Protocols are Building More Granular and Extensible Capabilities

In the coming months, we can expect more DeFi protocols to divide their functionalities into extensible, programmable micro-primitives. This will lead to a DeFi landscape that is more granular, flexible, and developer-friendly, but also more complex. If DeFi is to become a true parallel alternative to traditional finance, primitives such as lending and AMMs won’t be sufficient to build sophisticated financial services. Smaller, more targeted, and programmable micro-primitives are necessary. As DeFi continues to evolve, the adoption of these smaller, focused building blocks will likely play a significant role in…

Curve Finance (CRV) Liquidation Threat Spooks DeFi Protocols

Another area of focus for teams has been reinforcing the links that lock DeFi protocols together. Last night, a representative for the stablecoin-focused Reserve Protocol, which builds on top of DeFi majors including Lido, Compound and Rocketpool, asked in their respective Discords for help to establish “a more robust incident response strategy” so that its developers can coordinate across teams during crises such as Curve. Source

DeFi Platform Term Finance Brings Fixed Rate Lending to Ethereum

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Curve Finance founder’s $100M debt could trigger a DeFi implosion: Report

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While Curve Finance is still weathering the aftermath of a recent $47-million hack, another issue concerning holders of the decentralized finance (DeFi) protocol’s token has surfaced on the internet, sparking theories on how a massive dump can potentially happen.  On Aug. 1, crypto research firm Delphi Digital published a Twitter thread detailing the loans taken by Curve Finance founder Michael Egorov that are backed by 47% of the circulating supply of Curve DAO (CRV). According to the research firm, Egorov has around $100 million in loans across various lending protocols…