DeFi

Liquidated Founder Vows to Grow Curve Amid Accusations of Elaborate Withdrawals

Published

7 months ago

14 June, 2024

Liquidated Founder Vows to Grow Curve Amid Accusations of Elaborate Withdrawals

The Curve founder suffered a huge CRV liquidation after borrowing $95.7 million worth of stablecoins against the asset.

Michael Egorov, the founder of Curve Finance, says he is more committed than ever to building Curve, despite liquidating a huge CRV stash in recent days.

On June 13, Egorov revealed that he was now primarily exposed to CRV through voting CRV(ve) tokens, motivating him to work on the project’s development through game theory incentives. The comments come after Egorov lost over 100 million regular CRV tokens to margin calls.

“In case anyone is wondering, I am more committed than ever to building Curve, thanks to the game theoretical implications of veTokenomics (most now have veCRV),” Egorov tweeted.

Curve founder added that he plans to ensure the protocol’s lending and borrowing products are “the safest in the industry,” by educating arbitrage traders on how to execute orderly liquidations and designing mechanisms to incentivize users to deposit crvUSD – Curve’s native stablecoin – into the protocol.

EV Tokenomics

VE tokens are non-transferable assets issued in exchange for locking in the governance power of a project. VE token holders receive governance power proportional to the length of time their tokens are locked up, allowing them to vote on how new token issuances are allocated.

This mechanism gave rise to the “Curve Wars» in 2021, where DeFi protocols competed to award CRV rewards to Curve liquidity pools for their respective assets, in turn attracting liquidity from liquidity providers (LPs).

Liquidated, but not reimbursed?

On June 12, Arkham Intelligence, an on-chain intelligence platform, reported that Egorov would soon face liquidation if the price of CRV fell another 10% after posting heavy losses over the previous week. Arkham said Egorov has already taken out stable loans worth $95.7 million backed by $141 million from CRV.

On June 13, Lookonchain, an on-chain analytics provider, job that Egorov’s positions had entered into liquidation after a further 20% drop in the price of CRV over 24 hours. Lookonchain said Egorov’s positions had been reduced to just $33.9 million worth of CRV backing $20.6 million worth of loans.

CRV price is currently down 36% in seven days, but has rebounded 14% in the last 24 hours following Egorov’s liquidation. CRV is also down 66% since mid-March.

However, despite a massive selloff, many observers believe that Egorov was unaffected by the margin calls.

“Michael did not obtain a “rekt” by being liquidated on his CRV”, tweeted Eric Conner, an Ethereum developer. “He got $100 million in stables on a $140 million CRV post. Selling it on the market would have resulted in similar prices and an angry community.

“He simply transferred the rektage to the community,” replied Anthony Sassano, host of The Daily Gwei podcast.

Lookonchain job that Egorov had “already cashed out and bought a mansion in 2023.”

Lookonchain shared on-chain records showing Egorov was transferred $31 million in USDT borrowed from the centralized exchange Bitfinex in April 2023. A month later, the Australian Financial Review reported that Egorov’s wife had purchased a $41 million mansion in Melbourne, the property being located next to a house they had purchased for $18.25 million a year previously.

Fuente

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

Website: https://presale.rollblock.io/

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Fuente

DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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