Category: Cryptocurrency News

Following the recent exploit of Curve Finance pools, there have been genuine concerns about the stability of the decentralized exchange and the Decentralized Finance (DeFi) ecosystem. A new report has emerged, raising questions about Curve founder Michael Egorov’s $100 million loan positions. These positions have garnered significant interest, as they are backed by about 47% of the entire CRV circulating supply. With the price of CRV dwindling, these debts appear to be at risk of liquidation, putting the Curve protocol, CRV investors, and the overall DeFi space on edge.  Related Reading: Ethereum DeFi Coins Plunge As Curve Concerns Threaten Major Market Crash A Breakdown Of Michael Egorov’s $100 Million Loan On Tuesday, August 1, crypto research firm Delphi Digital released a series of tweets, detailing the loan positions being held by Michael Egorov. According to the report, the Curve Finance founder has around $100 million in loans across various lending protocols backed by 427.5 million CRV tokens. Egorov has a 63.2 million USDT loan backed by 305 million CRV tokens on Aave.  Delphi Digital revealed that the position has a liquidation threshold of 55% and is eligible for liquidation at 0.3767 CRV/USDT. For context, the CRV currently trades at $0.608595, according to CoinGecko data. This means that a 38% price decline will cause a liquidation of Egorov’s position on the Aave protocol. Meanwhile, the Curve founder has 59 million CRV backing a loan of 15.8 million FRAX on Frax Finance. Although this debt is much lower than his Aave position, it poses a much more significant risk to CRV due to Fraxlend’s Time-Weighted Variable Interest Rate. Delphi Digital also noted that liquidation of the Frax loan position can occur regardless of CRV’s price. According to the research firm, the loan is currently at 100% utilization, which allows the interest rate to double every 12 hours. While the interest rate currently stands at 81.20%, Delphi Digital said that it can potentially increase to the maximum of about 10,000% APY in 3.5 days. This high-interest rate could result in the eventual liquidation of the debt. CRVUSDT trading at $0.598 | Source: daily CRVUSDT chart from TradingView How Has The Curve Finance Founder Responded? So far, Michael Egorov has tried to stabilize his positions and the utilization rate twice, repaying a total of 4 million FRAX on July 31st. However, the utilization rate remained at 100%, as users swiftly remove liquidity as soon as he makes the payment. To address this, the Curve founder deployed a new Curve pool on Tuesday, August 1. This pool consists of stablecoin crvUSD and Fraxlend’s CRV/FRAX LP token, seeded with 100,000 CRV rewards.  This is to incentivize liquidity toward the lending market, decrease the utilization rates, and ultimately reduce the liquidation risks. According to Delphi Digital, this pool attracted $2 million in liquidity and lowered the utilization rate to 89% four hours after launch. Related Reading: Is It A Good Idea To Buy Curve Now? Here’s What This Founder Thinks Featured image from Binance Academy, chart from TradingView

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I withdrew my Ethereum to my wallet from stake.com The transaction shows as successful but my wallet never received it. There is no history of it within Coinme. However, upon checking etherscan, I can see that there was a second transaction sending the money from my wallet to another wallet I’ve never seen before. Has…
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I can name 3 things immediately. Uniswap liquidity pools are a revolution in trading and uncensored market making. Aave lending protocols are as well. Love them or hate them nfts will never go away. Anyone that comes in here and ask the same questions should refer to these things. Many times the people that ask…
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The retail company used to be known primarily for its brick-and-mortar retail stores but has also launched an NFT marketplace and a soon-to-be-canceled line of crypto wallets.

According to Japanese-based crypto media outlet Coinpost, Binance will launch in Japan fully this month and intends to list 34 tokens on its exchange. This means the platform will offer more tokens than its local competitors in Japan, with major domestic exchanges Bitbank, GMO Coin, and Coincheck listing 30, 36, and 22 tokens, respectively.  The largest crypto exchange by trading volume intends to list its native BNB token, making this the first time it will be available in the country. Some of the other tokens expected to be listed include Axie Infinity (AXS), Solana (SOL), and Avalanche (AVAX). A Remarkable Re-entry News of the re-entry into Japan was announced by the CEO of Binance via a Twitter video. According to him, the platform has been making efforts to re-enter the Japanese market for a while now. He was effusive with his praises and noted that since 2017, Japan had established crypto exchange regulations, including the recent stablecoin regulations enacted in June. He also stated it was “fantastic to see Japan being a leader in the Web3 regulatory environment.” Related Reading: USDT Issuer Tether Reports A 30% Decline In Profit He further added that Binance was glad to once again partake in the Japanese market after its purchase of the Sakura Exchange BitCoin (SEBC) platform in November last year. Following the acquisition, SEBC changed its name to Binance Japan Inc.  The purchase of the exchange was instrumental in paving the way for the re-entrance of Binance in Japan. Binance will initially offer sport trading services. However, the exchange will not render leveraged trading services since this will require a Type 1 Financial Instruments Business license, with more restrictive standards.  Additionally, cryptocurrency users in Japan will also be offered access to Binance Earn, a specially designed program that enables participants to earn interest on their cryptocurrency deposits. The exchange will also render Japanese crypto traders an opportunity to trade on its NFT marketplace. BNB coin price sitting at $245 following exchange announcement | Source: BNBUSD on Tradingview.com Major Regulatory Win for Binance This recent announcement marks a major regulatory win for Binance. In the recent past, the platform has faced various regulatory challenges and was recently made to drop its license application in Germany.  Related Reading: US Presidential Candidate Defends Bitcoin, Calls Out Environmental Critics In France, the exchange also faces regulatory investigations, with French authorities accusing Binance of being involved in offering illegal digital assets services and failing to curtail money laundering.  Therefore, this latest announcement of a re-entry into the Japanese market heralds a major regulatory win for the embattled exchange. Featured image from CoinDesk, chart from Tradingview.com