The creator of Curve Finance has sent more than $185 million to Aave.

The crypto wallet, which is theoretically owned by Michael Egorov (founder of Curve Finance), conducted a transaction of 38 million CRV coins into the Aave crypto network. This was reported by Lookonchain specialists.

Reasons for the operation

The operation was carried out after the CRV coins fell in price by 16%. Thanks to the amount contributed, the health rating increased to 1.52, reflecting the degree of security. When the indicator reaches the value "1", the debt position is automatically liquidated.

To date, the total amount of the deposit of the founder of Curve Finance is about $ 187 million – this is 20 million CRV coins. According to CoinGecko, this amount is about % of the total volume offered on the Curve market.

This amount was used as collateral on the Aave site to receive $71 million in stable USDT and USDC coins.

CoinGecko cites data that shows that over the past week, the quotes of the CRV coin have fallen by more than 22%. In the last 24 hours alone, there has been a 2.4 percent decrease in value. However, the total capitalization of the crypto market remained unchanged.

Note that only DeFi Llam has about $ 5.1 billion blocked on Aave. Curve Finance ranks second, reaching an indicator of almost $ 4 billion.

The GRIN4 ecosystem

We have created a bot to make money on crypto exchanges. You set the settings, and he trades 24/7. Manage all assets from one service: with your own hands or with the help of algorithmic trading. Anonymously. Simply. Stress-free.