According to The Data Nerd, 11 hours ago, two whales collectively deposited 19 million CRV tokens (approximately 5.57 million US dollars) into Binance.

According to Spot On Chain monitoring, Michael Egorov and christian2022.eth allegedly completed off-exchange transactions of 3.75 million CRV after a recent 5% price drop. It should be noted that christian2022.eth had sent 400,000 USDT to Michael Egorov and received 3.75 million CRV after the $CRV crisis in June. He then deposited these tokens into Binance, worth approximately 1.25 million USD.

1. Chairman of the U.S. SEC: The economic substance of a product determines whether it is a security under the Securities Act

Curve founder Michael Egorov tweeted that he has fully repaid the $10 million bad debt caused by the UwU Lend security incident that triggered the liquidation of CRV lending positions.

Michael Egorov, the founder of Curve, stated through a representative on Telegram on Friday that a vulnerability in UwU Lend caused a series of events that led to Curve's massive liquidation on Thursday. Egorov used Curve's CRV token as collateral to obtain a $100 million loan from various protocols, which began automatic liquidation on Thursday, causing the token to drop 30%, then briefly recover.Egorov said, "On April 15, UwU Lend deployed vulnerable code for the sUSDe market, which is not isolated, so the entire platform bears the risk. UwU was hacked, and as part of the cash-out operation, the hacker deposited the stolen CRV from UwU into lending.curve.fi (Llama Lend), then disappeared with the funds, leaving the debt in the system."Egorov estimates that the bad debt in the specific CRV lending pool is $10 million (already repaid 93%). Although this market is completely isolated from other lending pools, as long as the bad debt exists, CRV depositors cannot withdraw their funds. However, Egorov said that this situation may help strengthen Curve's security measures and lending mechanisms, and may provide better services to users in the coming months.

The Curve team has proposed a change to the interest rate parameters of its LlamaLend lending platform on the Ethereum network. The proposed changes include interest rates for the WETH and tBTC markets ranging from a minimum of 0.5% to a maximum of 25%, interest rates for wstETH ranging from 1% to 30%, and interest rates for CRV ranging from 3% to 60%. The proposal aims to make the borrowing rate at approximately 80% utilization roughly equal to the current market rate.

According to official sources, the Curve Finance lending platform LlamaLend has now launched on the Arbitrum network.

LLAMMA's Soft Liquidation Mechanism Reshaping DeFi Lending, Curve Lending is a decentralized, non-custodial lending and borrowing platform built on the Ethereum blockchain. It leverages the existing infrastructure and mechanisms of Curve Finance, particularly the crvUSD stablecoin system and the LLAMMA (Lending-Liquidating AMM) algorithm. The platform allows users to create permissionless lending pools for supported asset pairs, with crvUSD initially serving as the primary collateral or borrowed token. As of mid-March 2024, the platform soft-launched with support for CRV, WETH, tBTC, and wstETH as initial markets, and plans to expand to other assets. New markets may be added permissionlessly.

Blockchain analyst Yu Jin wrote that a whale who bought the second largest amount of CRV from Curve founder Michael Egorov through OTC (7 million US dollars for 17.5 million CRV) transferred 5 million CRV (3 million US dollars) to Binance 1.5 hours ago, becoming the fourth OTC buyer to transfer/sell CRV. Of the 17.5 million CRV he bought through OTC, 12.5 million are locked in Curve through two addresses, while the remaining 5 million have been transferred to Binance.

Curve has stated on the X platform that the lending contract has been deployed and there may be some liquidity entering before the UI is officially launched. Curve also emphasizes that the lending platform has not yet been officially launched, but users can already deposit or borrow through the contract.