Tag: Curve Finance

Curve Finance CEO Michael Egorov and Spouse Acquire Two Melbourne Mansions, Amassing an Impressive 5663 Square Metre Estate

by Blockchain News

In an unprecedented move showcasing a hefty investment in Australia’s property market, Curve Finance(CRV) CEO Michael Egorov and his wife Anna have made a grand purchase in the heart of Melbourne, according to Financial Review. They’ve managed to acquire not one, but two stately mansions, amalgamating an impressive landholding of 5663 square metres.

The significant size of their newly consolidated property underscores the Egorov’s bullish stance on Melbourne’s luxury housing market. The financial details of the acquisitions have not been made public, but given the premium location and the large combined land size, the transaction is likely to be one of the highest this year in Melbourne’s high-end property sector.

As one of the leading figures in the decentralized finance industry, Egorov’s recent real estate acquisitions have gained significant attention. Curve Finance, the firm that Egorov heads, is a prominent player in the cryptocurrency sector. It is known for its decentralized exchange for stablecoin trading, which has grown in popularity among crypto traders worldwide.

This move may fuel speculation about whether the Egorov’s see the Australian property market as a safe investment haven amid the volatility of the cryptocurrency world. Alternatively, their purchase could signal a potential interest in exploring more real estate-based blockchain initiatives.

Melbourne’s property market has been a hotspot for high-profile buyers in recent years, particularly from international investors. The city is renowned for its quality of life, making it an attractive destination for affluent individuals and families worldwide. The Egorov’s recent acquisitions add to a list of illustrious investors in Melbourne’s thriving real estate scene. Further details about the purchased properties, including their exact location, architectural features, and the couple’s plans for their new landholding, remain undisclosed.

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3AC Withdraws $45m from Curve and Convex amid Bankruptcy

by Blockchain News

Three Arrows Capital (3AC) might have declared bankruptcy, but the firm is still conducting a number of robust transactions, according to insights derived from on-chain data. 

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The company, which was also declared as a liquidated entity by a court in the British Virgin Islands, has unstaked a total of 20,945 staked ether (stETH), worth $33.3 million, from Curve Finance.

The transaction was discovered in part because the crypto analytics platform, Nansen, had already marked the wallet address used for the transaction as belonging to 3AC. Su Zhu ran the firm and also withdrew some funds, including 2,421 wrapped ether (3.98 million), 202.7 wrapped bitcoin ($4 million) and 4,051,367 USDT stablecoins from the Convex Finance protocol as well.

The wallet address attached to Three Arrows Capital that was used to initiate the transaction with Curve is also what is being used to keep hold of the unstaked $45 million. According to the balances in the Wallet at the time of writing, a total of $57.86 million.

Prior to its liquidation and subsequent bankruptcy, 3AC was a highly capitalized firm, serving as both a hedge fund as well as an active investment outfit in the broader Web3.0 ecosystem. The trading platform is known to be the prominent backer of key projects like Fireblocks and Terraform Labs.

The bet on Terraform Labs fueled its downfall, and the cataclysmic impact accounts for what has dragged many other crypto firms like Voyager Digital into the bankruptcy circle.

According to liquidation proceedings, it was discovered that the embattled crypto hedge fund owed as much as $3.5 billion to creditors, one of whom was Blockchain.com. 

While Teneo Restructuring is in charge of the liquidation proceedings, some investors, particularly those with small stakes in the firm, can be adjudged as not having a visible edge in reclaiming their funds.

It is not immediately clear what the unstaked funds are meant for, as no comment or reference has been gleaned from 3AC or its representatives.

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Crypto Market Onslaught Stretches to DeFi as TVL Slumps to $114bn

by Blockchain News

With a broad-based caution being exercised by investors regarding risk assets, there have been a massive outflow of funds from Decentralized Finance (DeFi) protocols as many investors anticipate calm to re-engulf the ecosystem.

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The DeFi world is not spared from the current onslaught in the cryptocurrency space, which has fueled the combined market cap by dropping to $1.25 trillion after an 8.86% drop over the past 24 hours at the time of writing.

Where DeFi Currently Stands

Per data from DeFiLlama, the ecosystem’s Total Value Locked (TVL) has dropped to $113.15 billion atop a 26.16% slump over the past 24 hours. The events ongoing in the Terra ecosystem have largely affected investors’ confidence in relation to the network’s most celebrated project, Anchor Protocol.

In reality, the dominance of Curve has been subsumed by MakerDAO (MKR) whose TVL now stands at $10.03 billion, down 23.52% over the past week. Curve Finance ranks as the next big DeFi protocol at a $9.52 billion TVL as a prominent lending protocol. Aave is still maintaining its third position atop a TVL of $8.32 billion.

Anchor Protocol dropped from $17.05 billion as of May 5 to $1.21 billion at the time of writing. While the DeFi ecosystem measures how far the crypto world is serving the most ambitious revolt against traditional finance, investors backing the revolution often see inconsistencies owing to the inherent volatility.

The plunge of the DeFi protocols is not the first that will be recorded, and it is evidence of the interwoven volatility and correlation amongst protocols. With the $200 billion benchmarks the height to target, time will tell whether the resilience that DeFi proponents are professing will help in regaining the TVL in the long run.

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DeFi TVL Drops below $200Bn, Reflecting General Bearish Market Slump

by Blockchain News

The Total Value Locked (TVL) in Decentralized Finance (DeFi) platforms has slumped below $200 billion, down from the $230 billion towards the end of April. 

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While the hit of the DeFi ecosystem has been facing models a related trend in the broader digital currency ecosystem, the DeFi slump notably lends more insight as a gauge into investors’ readiness to embrace crypto investment and passive income generation when compared to the traditional financial ecosystem.

The DeFi TVL, according to DeFiLlama, was pegged at $199.31 billion, up 0.3% in the past 24 hours at the time of writing. In May, it arguably opened up in a bearish style as investors generally evaluate the growing options of protocols that can favour them in the long term.

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Curve Finance, the biggest DeFi platform with an $18.84 billion TVL, slumped by 10.45% over the past month, with lending platform Aave taking one of the biggest hits with more than 20% slump in the same time frame. Amongst the elite DeFi platforms around, Terra-based Anchor Protocol came off as the most resilient DeFi platform, which grew its TVL by 4.96% in the past month, per data from DeFiLlama.

Investing funds in the majority of DeFi protocols often makes such capitals dormant, thus, shutting out investors from taking advantage of opportunities that may arise the unannounced. There are extra offshoots of the blockchain ecosystem that notably take up investors’ interest across the board, and Non-Fungible Tokens (NFT) account for one of the most prominent.

With investors hustling to gain access to prestigious NFT collections like the Otherdeed to the Otherside launched by Yuga Labs, the startup behind the Bored Ape Yacht Club (BAYC) collection, over the weekend, the tendency for investors to pull funds from other DeFi platforms is high.

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DeFi TVL Drops below $200Bn, Reflecting General Bearish Market Slump

by Blockchain News

The Total Value Locked (TVL) in Decentralized Finance (DeFi) platforms has slumped below $200 billion, down from the $230 billion towards the end of April. 

DeFi2.jpg

While the hit of the DeFi ecosystem has been facing models a related trend in the broader digital currency ecosystem, the DeFi slump notably lends more insight as a gauge into investors’ readiness to embrace crypto investment and passive income generation when compared to the traditional financial ecosystem.

The DeFi TVL, according to DeFiLlama, was pegged at $199.31 billion, up 0.3% in the past 24 hours at the time of writing. In May, it arguably opened up in a bearish style as investors generally evaluate the growing options of protocols that can favour them in the long term.

DeFi4.png

Curve Finance, the biggest DeFi platform with an $18.84 billion TVL, slumped by 10.45% over the past month, with lending platform Aave taking one of the biggest hits with more than 20% slump in the same time frame. Amongst the elite DeFi platforms around, Terra-based Anchor Protocol came off as the most resilient DeFi platform, which grew its TVL by 4.96% in the past month, per data from DeFiLlama.

Investing funds in the majority of DeFi protocols often makes such capitals dormant, thus, shutting out investors from taking advantage of opportunities that may arise the unannounced. There are extra offshoots of the blockchain ecosystem that notably take up investors’ interest across the board, and Non-Fungible Tokens (NFT) account for one of the most prominent.

With investors hustling to gain access to prestigious NFT collections like the Otherdeed to the Otherside launched by Yuga Labs, the startup behind the Bored Ape Yacht Club (BAYC) collection, over the weekend, the tendency for investors to pull funds from other DeFi platforms is high.

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Users flock to Curve amid lack of stablecoin liquidity on major DEXs

by Cointelegraph

In a Tweet posted by user @cryptotutor Friday, a screenshot appears to show a 27% spread between stablecoin Magic Internet Money (MIM) and USD Coin (USDC) trading pair on decentralized exchange, or DEX, Uniswap (UNI). Both have a theoretical peg of 1:1 against the U.S. Dollar.

“Magic Internet Money,” joked cryptotutor, as he attempted to swap approximately $1 million in MIM but received a quote for only 728.6k USDC. Others quickly took to social media to complain as well. In another screenshot, user @DeFiDownsin allegedly received a quote to swap $984k worth of MIM for just 4,173 in USDT on SushiSwap (SUSHI).

Curve, a popular platform for stablecoin trading, offered their insight on the matter. “Uniswap actually now works much better than what the screenshot shows. Sushiswap is just unsuitable for stablecoin-to-stablecoin swaps always,” said the Curve team via a Tweet.

During bear markets, investors typically flee from holding volatile cryptocurrencies and instead pile into stable assets that generate fixed income. For example, the amount of deposits in Terra Luna’s flagship stablecoin savings protocol, Anchor, which promises yields of up to 20%, has increased from $2.3 billion to $6.1 billion in the past 60 days.

However, the capital flight has also resulted in issues, such as stablecoin liquidity disappearing from exchanges, causing their spread to widen to excruciating levels. In addition, the flock of stablecoins into the Anchor protocol has caused its yield to become unstainable as there are not enough borrowers to pay depositors’ interest.

But despite large fluctuations in the market, Curve appears to be doing better than ever. According to its developers, the platform saw a record trading daily volume of $3.6 billion, with total deposits surpassing $16.7 billion. Investors typically seek to take advantage of the occasional difference between stablecoins’ theoretical peg to fiat money or other stablecoins to make a profit.