Curve founder liquidated only to exit with CRV, the Emperor is in no rush at all

The founder of the stablecoin exchange protocol Curve, Michael Egorov, also known as michwill, has been closely watched for his CRV lending positions, which have faced liquidation crises multiple times in the past. In 2023, he made headlines for buying a large amount of OTC at a price of 0.4 to rescue his positions in the lending protocol Aave. On June 13th, CRV briefly dropped to 0.21~0.25, once again drawing attention to Michael Egorov's lending positions. Liquidation status

Michael Egorov's Leveraged Positions with Low Health

As of the deadline, Michael Egorov's leveraged positions were concentrated in two platforms, Inverse and UwU Lend, with loans worth 2.3 million and 2.08 million US dollars' worth of cryptocurrencies, respectively.

Through Inverse, he lent DOLA using cvxCRV with a health factor of 1.03, which equals or is less than 1 and will be liquidated; lending DOLA using yCRV has a health factor of 1.42.

Through UwU Lend, he lent DAI/USDT/crvUSD using CRV and crvUSD, with a health factor of 0.95, which equals or is less than 1 and will be liquidated.

It's Worth Being Happy to Exit CRV

In fact, Michael Egorov has locked and linearly unlocked CRV on Curve, valued at 7 million and 2.22 million US dollars, respectively. For him, the best way to avoid being seen as maliciously dumping CRV by the community is to generate cash flow through CRV lending. If CRV is liquidated due to a price drop, it is also considered a successful exit.

Ethereum developer @econoar commented that Michael Egorov did not mess up due to CRV liquidation. He sold CRV worth 1.4 million US dollars and exchanged it for 100 million US dollars in stablecoins. While he could have possibly sold at a similar price in the market, it would have angered the community. Exiting through DeFi liquidation mechanisms is a better chance. @sassal0x responded that Michael Egorov's actions still upset the community, as CRV experienced a drop of over 30%.

Michael Egorov did not share any related opinions on Twitter.

In the past, Michael Egorov's main lending positions were in the largest lending protocol, Aave. However, since the OTC fundraising incident, he has gradually exited Aave lending. Currently, Inverse and UwU Lend are only lending agreements worth tens of millions of dollars, which may not be a big loss compared to lending agreements worth hundreds of billions of dollars.

Michael Egorov's lending exit behavior has turned into a tragicomedy for the community. Onlookers feel that he deserved to be liquidated, while the beneficiaries of CRV are neatly storing the funds after liquidation. Supporters of the Curve ecosystem are putting on a show of "I did my best," allowing the CRV drama to continue.