Stablecoin

dForce

According to Lookonchain, the founder of Curve Finance deposited a total of 291M <a target="_blank" href="https://tokeninsight.com/en/coins/curve-finance/overview">$CRV</a> (34% of the circulating supply) on <a target="_blank" href="https://tokeninsight.com/en/coins/aave/overview">AAVE</a> and borrowed $71M $USDT and $USDC using $CRV as collateral.<img src="https://s2.tokeninsight.com/static/calendar/img2023061204561540ce9005-fefb-4c04-bb83-1018417da6f5.jpg">On November 22, 2022, ponzishorter.eth tried to short $CRV by borrowing and dumping $CRV, trying to liquidate Curve's founder's $CRV collateral position on AAVE, but the attempt ended in failure.Since then, the borrowing of $CRV is disabled on AAVE. According to defillama, the current liquidation price of the position is $0.374, and $CRV is trading at $0.65 now.The founder dForce @mindaoyang <a rel="noopener noreferrer nofollow" target="_blank" href="https://twitter.com/mindaoyang/status/1668100553409445889">tweeted</a> the situation is dangerous for both Curve and AAVE as market fall and liquidity shrinks. He commented:<blockquote>Aave V2 has no deposit limit, which makes it impossible to control the collateral exposure. The only thing that can be done is to increase the cost of borrowing.Collateralized your own project's token to do leverage seems to be a reluctance to sell, but it is actually a kind of tempting short selling.</blockquote>&nbsp;<a target="_blank" href="https://tokeninsight.com/en/cryptocurrencies">TokenInsight</a> is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email <a href="mailto:news@tokeninsight.com">news@tokeninsight.com</a>. Your trust will be well respected.

Cruve Founder Deposited 33% of $CRV Circulating Supply into AAVE as Collateral and Borrowed Stablecoin

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