From one catastrophe to the next, DeFi is facing a serious test. Following Curve Finance’s exploit over the weekend, the price of the project’s native token has plummeted. Tokens falling out of the sky are nothing new in crypto. In this case, though, Curve’s founder Michael Egorov has a massive loan using CRV as collateral. This means that as the price drops, he needs to add more and more money to keep from getting liquidated on the platform. If he were liquidated, it could then lead to bad debt forming on Aave. For now, that last domino hasn’t fallen yet thanks to some of crypto twitters’ finest stepping in to backstop it all.
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Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the cryptoasset markets can lead to loss of funds and profits may be subject to capital gains tax.
Kyu Lee is the President of game studio Com2uS USA. In an interview, he shares the studio’s approach to Web3 and crypto gaming with Decrypt GG’s Kate Irwin.
