Curve’s Egorov Clears Debt on Aave: A Deep Dive into His Financial Moves

Introduction

Curve’s founder, Michael Egorov, has effectively squared his debt on the groundbreaking decentralized lending platform, Aave. Recent on-chain information reveals his financial endeavors.

Recent Transactions

According to data sourced from Lookonchain, a renowned web3 data analytics provider, Michael Egorov made some notable moves in the decentralized finance (DeFi) world recently. Over a span of two days, he poured in 68 million CRV, equivalent to $35.3 million, into the non-custodial lending protocol known as Silo. From there, he borrowed 10.8 million of Curve’s innovative decentralized stablecoin, crvUSD. Not stopping at that, Egorov then traded the crvUSD for Tether’s USDT and subsequently cleared his debt with Aave.

Standing Collateral and Debt

Currently, Egorov holds an impressive 253.7 million CRV, translating to around $132 million, as collateral. This collateral backs his remaining debt, amounting to $42.7 million, which is spread across four distinct DeFi platforms. A breakdown of this reveals debts of 17.1 million crvUSD on Silo, 13.1 million FRAX on Fraxlend, 10 million DOLA on Inverse, and a combined debt of $2.5 million in USDC and USDT on Cream.

Past Liquidation Mitigations

In a strategic move in August, Egorov let go of 106 million CRV, garnering a neat sum of $46 million. This sale aimed at curtailing the lurking liquidation threats tied to his debts across multiple DeFi platforms. To further safeguard his position, Egorov has been actively converting his CRV tokens to stablecoins.

Notable Sales Deals

Several key players in the crypto sphere entered into token transactions with Egorov. Noteworthy among these are deals with crypto trading magnate Wintermute, Tron’s iconic founder Justin Sun, and NFT enthusiast Jeffrey Huang, also known as Machi Big Brother. However, the crown jewel was an OTC deal where an unidentified party procured a whopping 17.5 million Curve (CRV) tokens from Egorov.