Key Points
- Tron network founder Justin Sun has introduced a stUSDT liquidity pool on Curve Finance to save the DeFi protocol from impending financial doom.
- Curve Finance has been losing the value of its tokens due to a Sunday exploit that puts the founder’s $168M loan on the verge of liquidation which has created a bearish sentiment over CRV tokens.
Justin Sun has introduced a stUSDT liquidity pool on Curve Finance to help prop back the DeFi protocol’s balances to normal after a Sunday exploit pushed the prices of CRV tokens down.
Justin Sun starts a liquidity pool to save Curve Finance
A Tuesday tweet from Justin Sun indicates that the Tron blockchain network founder was in to help Curve Finance to sail back to normalcy. Curve suffered a major hack on Sunday that could doom the DeFi sector if Curve collapses.
Blockchain data confirms that Sun bought about 5 million CRV tokens from a “Curve.fi Founder” wallet at an average of $0.4 in an OTC transaction. The whole amounts to about $2.3 million. This development comes as he tries to lend his hand to save Egarov Curve.Finance founder from an almost imminent liquidation of a massive $168M loan that could be gone at a $0.37 price level.
At the time of writing, the price of CRV tokens was $0.58, which is still far from the liquidation price but unsafe. Following Justin Sun’s OTC purchase, other DeFi players stepped in to pick up the discounted CRV tokens. Machi Big Brother bought 3.57 million tokens DeFi protocol, and DWF Labs bought 2.5M Curve tokens each.
Egorov managed to sell $15.8 million worth of CRV tokens via OTC. The tweet from Justin Sun read:
“Excited to assist Curve!,” “As steadfast partners, we remain committed to providing support whenever needed. Our joint efforts will introduce an stusdt pool on Curve, amplifying user benefits. Together, we aim to empower the community and forge decentralized finance.”
Keep watching Fintech Express for more updates on this and other fintech-related developments.