Curve’s Founder Transfers 18 Million USDTs to Bitfinex Before BTC Rises

04/11/2023 03:07 • Tech Trends • 85 views

On April 11th, according to Lookonchain data, Curve’s founder transferred 18 million USDTs to Bitfinex today before BTC rose. It is reported that Curve founders typically deposit CRVs in Aave and borrow USDTs. Currently, they have deposited approximately 212 million CRVs (worth approximately $219 million) on Aave and borrowed approximately 61.2 million USDTs.

Curve founder today transferred 18 million USDT to Bitfinex before BTC rose

What is Curve?

Curve is a decentralized exchange that allows you to swap between stablecoins with low fees and low slippage. It was founded in January 2020 by Michael Egorov and is built on Ethereum. Curve is known for allowing users to earn extra yield by staking their CRV tokens and participating in the protocol’s governance.

The Transfer

On April 11th, according to Lookonchain data, Curve’s founder transferred 18 million USDTs to Bitfinex before BTC rose. It is reported that Curve founders typically deposit CRVs in Aave and borrow USDTs. Currently, they have deposited approximately 212 million CRVs (worth approximately $219 million) on Aave and borrowed approximately 61.2 million USDTs.

The Purpose

It is unclear what the purpose of the transfer was, but it may have been an attempt to take advantage of the rising BTC price by purchasing BTC with USDTs before the price rose even higher. It is possible that the transfer was also a way to free up liquidity for other purposes.

The Impact

The transfer did not have a significant impact on the USDT or BTC prices. However, it is an interesting development in the world of decentralized finance as it highlights the potential for decentralized exchanges to play a larger role in the global financial system.

The Future of Curve

Curve has seen significant growth in the past year, and it is expected to continue to grow as more people become interested in decentralized finance. Curve has already gained recognition in the crypto community and has been listed on several major exchanges, including Binance and BitMax.

FAQs

1. What is CRV?
CRV is the native token of the Curve protocol. It is used for staking, governance, and liquidity provision.
2. What is Aave?
Aave is a decentralized lending platform that allows users to lend and borrow cryptocurrencies without intermediaries.
3. What is decentralized finance?
Decentralized finance, or DeFi, refers to a financial system built on blockchain technology that allows for trustless and transparent financial transactions without the need for intermediaries.

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