The CRV lending position of Michael Egorov (michwill), founder of the stablecoin exchange protocol Curve, has always attracted attention and has faced liquidation crises many times in the past. In 2023, there was also a case of using a large amount of OTC at a price of 0.4 to save positions in the lending agreement Aave. Today (6/13) CRV was as low as 0.21~0.25, and Michael Egorov's lending position once again attracted attention.
Table of contents
ToggleMichael Egorov's lending position, low health
Before the deadline, Michael Egorov's lending positions were concentrated on two platforms: Inverse and UwU Lend, lending cryptocurrency worth US$2.3 million and US$2.08 million respectively.
Inverse lends DOLA through cvxCRV, with a health factor of 1.03 (equal to or less than 1 will be liquidated); yCRV lends DOLA with a health factor of 1.42.
UwU Lend lends DAI/USDT/crvUSD through CRV and crvUSD, with a health factor of 0.95 (equal to or less than 1 will be liquidated).
If you appear in CRV, you will be happy
In fact, the CRV locked and linearly unlocked by Michael Egorov in Curve are worth US$7 million and US$2.22 million respectively. For him, the best way to avoid being considered by the community to be maliciously dumping CRV is to obtain cash flow through CRV lending. If CRV is liquidated due to price decline, it can be considered a smooth exit.
Ethereum developer @econoar commented that Michael Egorov is not screwed by CRV being liquidated. He sold $1.4 worth of CRV and exchanged it for $100 million in stablecoins. It might be possible to sell it at a similar price on the market, but it would make the community very angry. In this way, the opportunity to enter the market through the DeFi liquidation mechanism is better. @sassal0x responded that Michael Egorov’s approach still won over the community. (Due to a drop of more than 30% in CRV)
Michael Egorov did not comment on Twitter .
In the past, Michael Egorov's main lending position was on the largest lending protocol Aave, but since the OTC fundraising incident, he has gradually withdrawn from Aave lending. The current Inverse and UwU Lend are only tens of millions of dollars in loan agreements. Compared with major loan agreements of hundreds of billions of dollars, it may not be a pity to have bad debts.
Michael Egorov's act of borrowing money to appear made the community perform a tragicomedy. Theatergoers happily believed that he deserved to be liquidated. CRV's vested interests took good care of the funds after the liquidation. Curve ecology advocates once again performed "I The look on his face made him try his best and let the CRV show continue.
