Blockchain Information
- A sequence of three transactions appears to indicate Celsius has paid Maker $120 million of its debt.
- Since July 1, Celsius has made 4 trades totaling $143 million to repay the debt.
- Final month, the crypto lender halted withdrawals and these debt repayments may assist it recuperate monetary stability.
Celsius Community could have simply repaid Maker — the DeFi know-how powering the Dai stablecoin — $120 million in DAI tokens. The corporate beforehand used Wrapped Bitcoin (WBTC) as safety to borrow a whole bunch of hundreds of thousands of {dollars} from Maker. Maker allows the minting of the dollar-pegged stablecoin DAI when cryptocurrencies are supplied as collateral.
Regardless of not being formally confirmed, statistics from DeFi Discover present that vault #25977 — which is allegedly owned by Celsius Community – despatched mortgage repayments. A sequence of repayments began on June 14, with the newest cost of 64 million DAI being just a few hours in the past on the time of writing.
There have been a complete of 6.2 million DAI, 64 million DAI, and 50 million DAI within the transaction. As a result of the worth of DAI is tied to that of the greenback, the whole value of those trades involves round $120 million.
Because the first of July, Celsius has accomplished 4 distinct transactions totaling roughly $143 million so as to repay a debt denominated in DAI stablecoins. In keeping with Defi Discover, which supplies data on the corporate’s collateralized debt place (CDP), the corporate’s liquidation worth is now reported as being $4,967. There’s nonetheless a stability 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 revive liquidity by making funds on debt. Celsius has lowered 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.