Curve founder Michael Egorov has deposited 68 million CRV tokens ($35 million) to pay off his entire debt position on DeFi lending platform Aave, according to the blockchain analytics firm Look at chain.
After depositing CRV, Egorov converted 10.77 million crvUSD into tether (USDT) to repay all debts on Aave.
CRV is currently trading at 53 cents and is up 3.48% in the last 24 hours, according to CoinDesk data.
In August, Egorov raised $42 million through over-the-counter (OTC) sales of CRV tokens to pay off $80 million in on-chain debt. This came after a market-wide drop in asset prices that sent Egorov’s CRV holdings to DeFi lenders. dangerously close to liquidation.
In the event of liquidation, Aave would have had to sell the CRV pledged as collateral to the open market, which would have had a cascading effect due to a lack of liquidity.
Now Egorov has 253.67 million CRV tokens ($132.52 million) in collateral and $42 million in debt to four DeFi lenders, according to The couch.