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HomeCryptoCelsius Network Pays Back $120M of Debt to Maker

Celsius Network Pays Back $120M of Debt to Maker

Blockchain News

  • A sequence of three transactions appears to present Celsius has paid Maker $120 million of its debt.
  • Since July 1, Celsius has made 4 trades totaling $143 million to repay the debt.
  • Last month, the crypto lender halted withdrawals and these debt repayments would possibly assist it get better monetary stability.

Celsius Network could have simply repaid Maker — the DeFi know-how powering the Dai stablecoin — $120 million in DAI tokens. The firm beforehand used Wrapped Bitcoin (WBTC) as safety to borrow a whole lot of hundreds of thousands of {dollars} from Maker. Maker permits the minting of the dollar-pegged stablecoin DAI when cryptocurrencies are provided as collateral.

Despite not being formally confirmed, statistics from DeFi Explore present that vault #25977 — which is allegedly owned by Celsius Network –  despatched mortgage repayments. A collection of repayments began on June 14, with the latest cost of 64 million DAI being just a few hours in the past on the time of writing.

There had been a complete of 6.2 million DAI, 64 million DAI, and 50 million DAI within the transaction. Because the worth of DAI is tied to that of the greenback, the full value of these trades comes to round $120 million.

Source: DeFi Explore

Since the primary of July, Celsius has accomplished 4 distinct transactions totaling roughly $143 million so as to repay a debt denominated in DAI stablecoins. According to Defi Explore, which gives data on the corporate’s collateralized debt place (CDP), the corporate’s liquidation value is now reported as being $4,967. There continues to be a steadiness of $82 million value of DAI owed by Celsius.

On June 13, Celsius halted withdrawals, trades, and swaps. An obvious effort has been made to restore liquidity by making funds on debt. Celsius has diminished the hazard of its mortgage place being liquidated by paying down its Maker debt. Decentralized monetary protocols robotically liquidate merchants’ collateralized belongings when they’re unable to make mortgage repayments.



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