THELOGICALINDIAN - The crypto lending aggregation has been unwinding its DeFi positions in the deathwatch of a astringent clamminess crisis
Celsius has apart 400,000 stETH from Aave. The crypto lending aggregation has afresh been ambagious bottomward its positions beyond the DeFi landscape, possibly in an accomplishment to accord with its astringent clamminess crisis.
Saving 400,000 stETH From Aave
Celsius keeps unwinding its DeFi positions.
On-chain abstracts appearance that a wallet associated with Celsius Network repaid the majority of its debt to lending agreement Aave today at 11:49 UTC, sending added than $63.5 actor in USDC to alleviate accessory of 400,000 stETH, a sum account about $418,848,000 at the time of writing.
The wallet along apart 350,020 UNI ($2 million) and 529,94 COMP ($25,600) from altered lending agreement Compound, and adored 300,000 xSUSHI for 395,060.92 SUSHI ($458,200) from decentralized barter SushiSwap.
Celsius is a “CeFi” crypto lending company, acceptation a centralized article that leverages crop opportunities begin in decentralized accounts (DeFi) protocols for its customers. The close has been adverse clamminess issues afterward what it alleged “extreme bazaar conditions.” It controversially paused chump withdrawals aftermost ages in adjustment to put itself “in a bigger position to honor, over time, its abandonment obligations.”
The aggregation may be unwinding its DeFi positions in an attack to strengthen its antithesis area as it potentially prepares to book for bankruptcy. Last anniversary Celsius unlocked a 21,962 wBTC position (worth about $456 actor on Jul. 7) from decentralized stablecoin issuer MakerDAO. It may accept suffered from a $1 billion accident on that position alone.
DeBank abstracts show that Celsius may still accept some unwinding to do. The aforementioned wallet that apart 400,000 stETH today still has 10,000.94 wBTC ($199 million) bound on Compound and about $27 actor in LINK, stETH and SNX actual on Aave. These positions will appropriately charge $50 actor and about $8.5 actor to be unlocked. Celsius may additionally own added wallets with added DeFi debt.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH and several added cryptocurrencies.
