Spot On Chain’s data revealed that Curve’s founder, Michael Egorov, made a huge repurchase of 1.08M CRV a little over five hours ago. He bought the CRV tokens at $1.114 each for $1.2M, which marked his first major buyback since the June liquidation.
CRV’s price dropped ~7.8% in the last 24 hours, but Egorov’s large-scale purchase showed the Curve founder’s confidence in the project’s future development. The huge repurchase could also influence investor sentiment and market dynamics, triggering the token’s bounce back.
Curve founder replenishes CRV holdings amid token’s dip
#Curvefi founder, Michael Egorov (@newmichwill), bought 1.08M $CRV ($1.2M) at an average price of $1.114 in the past 3 hours!
Notably, this marks his first significant $CRV buyback since the liquidation on June 13.
The price of $CRV has dropped ~7.8% in the past 24 hours.… pic.twitter.com/SIRquKcZWM
— Spot On Chain (@spotonchain) December 17, 2024
Curve Finance CEO surprised the crypto industry after spending $1.2M worth of DAI, WETH, and WBTC to buy back 1.08M CRV at an average price of $1.114. The repurchase, which happened nearly five hours ago, came amid CRV’s ~7.8% 24-hour decline.
The transaction by Egorov marked his first significant CRV token buyback since he was liquidated for $140 million in CRV on June 13th. He had suffered a huge CRV liquidation after borrowing stablecoins worth $95.7 million against his CRV assets.
Egorov’s CRV acquisition revealed his strategy to strengthen his holdings in the DeFi sector even though the price of CRV had dropped recently. The transaction monitored by Spot On Chain highlighted the CRV market’s current activity and interest. The news was important for the DeFi community because it confirmed that a major player in the CRV project still believed in its future success. Egorov’s actions could likely influence CRV investor perceptions.
The Curve founder’s buyback also emphasized the fast-changing nature of the crypto market. It showed that opportunities for quick strategic investments occurred when prices fluctuated rapidly.
Curve’s week-on-week growth shows positive trajectory
Curve’s weekly yield and ecosystem metric updates as of December 17th showed positive growth. The week-on-week TVL increased by more than 7% to approximately $2.437 billion. The ecosystem also offered various ways to profit, with the annual percentage rate of USD-pegged stablecoins exceeding 50%. According to the December 13th metric updates, one pool surpassed 100% APR.
scrvUSD’s introduction continued to strengthen crvUSD’s market position. The week’s metrics as of December 13th demonstrated its impact, as crvUSD expanded 1.85% (~$ $78.22M). Borrowing costs also decreased as the peg moved closer to the $1 mark (~$0.9984). Stable growth with improving fundamentals was not achievable before the implementation of scrvUSD.
The scrvUSD yield grew by 1.65% to an APY of 13.09%. Pool statistics also showed that the pool TVL surged 8.41% to $2.18 billion, the volume went up 13.85% to $2.63 billion, transactions increased by 4.55% to 392.4K, and total fees climbed 5.34% to $756.3K. The DAO fees similarly shot up 5.34% to $378.1K.
Notable pool activity was observed on two Ethereum pools. The highest-volume pool consisted of DAI, USDC, and USDT, recording a volume of $798.6 million with a TVL of $165.7 million. The second pool consisted of ETH and stETH, with a volume of $234 million and a TVL of $195.9 million. Curve’s ecosystem continued to expand rapidly, welcoming new pools and teams weekly.
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