Curve CEO Michael Egorov pledged 34% of $CRV’s total market cap to back loans across DeFi protocols. A forced liquidation would result in selling at a time when prices are already falling. sndr_krisztian, & skesslr report
over the weekend at Curve, CRV’s price has sunk more than 20%, putting Egorov closer to levels where he’d get liquidated.
A forced liquidation would be another serious blow to Curve, a key piece of infrastructure in the DeFi economy. The protocol suffered a major exploit that siphoned some $70 million of assets away from users. Theon Curve dropped to $2.1 billion from $3.7 billion as many investors withdrew funds as a precaution.
If Egorov’s loans are liquidated, the lending protocols will have to sell the seized assets, inundating the market with CRV tokens at a time when prices were already spiraling lower. He locked up some $168 million in CRV tokens on the lending platform Aave to take out a $63 million loan in Tether’s USDT stablecoin. According to, the level Egorov’s CRV collateral gets liquidated is 37 cents; CRV currently trades for around 55 cents.Egorov also borrowed $17 million of FRAX stablecoin using $32 million of CRV as collateral on stablecoin issuer, Fraxlend.
Egorov has been shoring up capital this afternoon by selling LDO -– the governance token for liquid staking leader Lido – for Circle’s USDC stablecoin in several batches between $10,000 and $50,000, according toWhether or not Egorov’s CRV borrow position is liquidated, the situation has already raised questions in crypto investing circles around how a single person was able to lend so much of a “blue chip” crypto token’s supply.
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