Justin Sun Purchases 5 Million Curve Tokens to Help Curve Finance
Justin Sun, the founder of the Tron blockchain, has bought five million Curve tokens (CRV) from a wallet associated with Curve Finance’s founder. Here are the key points:
– Sun purchased the tokens at an average price of $0.4, paying $2 million in Tether (USDT).
– His aim is to assist Curve Finance and introduce a stUSDT pool on the decentralized exchange.
– This move comes as Curve Finance faces concerns about liquidating $100 million in loans and an exploit that led to a loss of over $47 million.
– The loans are backed by 47% of all CRV in circulation, with Egorov borrowing 63.2 million USDT and pledging $305 million worth of CRV as collateral.
– Egorov has deployed a new Curve pool for FraxLend’s CRV/FRAX market to mitigate the risk of his debt spiraling out of control.
Hot Take
Justin Sun’s purchase of Curve tokens shows his commitment to supporting Curve Finance during its bad debt situation. By introducing a new pool on the decentralized exchange, Sun aims to empower the community and strengthen decentralized finance. However, the concerns surrounding the liquidation of Egorov’s loans highlight the risks and vulnerabilities present in the DeFi ecosystem. It remains to be seen how this collaboration will impact the future of Curve Finance and the broader crypto industry.
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