TRON's Latest Partnership with Curve (CRV) on stUSDT
Curve Finance's Total Value Locked (TVL) experienced a drastic decline after being hit by an attack that managed to steal $70 million. Justin Sun, founder of TRON ( $TRX ) bought 5 million $CRV tokens from Curve CEO, Michael Egorov, at an average price of $0.4 via an OTC deal. Sun announced a partnership between TRON and CRV on stUSDT.
Justin Sun informed the TRON community about the latest partnership with CRV. Curve has been in trouble since losing $70 million. As part of the solution, CEO Michael Egorov has a large number of CRVs that can be sold to the market or enter into deals and partnerships within the ecosystem.
TRON and CRV Are Committed to Supporting Users
TRON founder Justin Sun announced a partnership with Curve on stUSDT, an asset similar to stETH on Ethereum. This token is a decentralized asset used to invest in real-world assets and generate passive income via stUSDT.
Justin Sun stated that TRON and CRV will work together to increase benefits for users in the stUSDT pool on Curve.
Curve CEO Sells 5 Million CRV Tokens to Justin Sun
Michael Egorov tried hard to overcome the problems in his project. At the same time, Justin Sun purchased 5 million CRV tokens from Curve CEO via an OTC deal at an average price of $0.40.
CRV Token Price Drop Risk
The CRV token price has seen a decline since the $70 million attack. Egorov took steps to avoid mass liquidation. He repaid the FRAX stablecoin loan of 5.13 million and took back a large amount of CRV tokens.
As a result of these efforts, Curve CEO managed to reduce the risk of liquidation when the CRV token price fell further.
CRV Transactions by Michael Egorov
Michael Egorov also received some USDT which may be related to the sale of CRV tokens via OTC. After making several CRV transfers, Egorov attempted to contain the situation and avoid mass liquidation.
Traders Prepare to Short on CRV
Based on data from Coinalyze, interest in CRV rose by 50% in the last 24 hours. A large number of traders are willing to pay to open a short position and expect a further decline in the CRV price.
This article is a summary of the news published by the original source on FXStreet.
