Aave DAO opens voting on proposals to reduce CRV exposure By Cointelegraph
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The Aave community is seeking to reduce its protocol exposure to the Curve DAO token, with two proposals open for voting on Aug. 10. The move comes in an attempt to limit the risk posed to the lending protocol by the large borrowing position held by Curve Finance founder Michael Egorov.
Curve DAO (CRV) is the native token of the decentralized finance (DeFi) protocol Curve Finance. Egorov deposited over 30% of CRV’s total market capitalization as collateral to take out nearly $60 million in loans on Aave v2. However, Curve’s hack on July 30 impacted its token price, making Egorov’s position vulnerable to liquidation.
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The Aave community is seeking to reduce its protocol exposure to the Curve DAO token, with two proposals open for voting on Aug. 10. The move comes in an attempt to limit the risk posed to the lending protocol by the large borrowing position held by Curve Finance founder Michael Egorov.
Curve DAO (CRV) is the native token of the decentralized finance (DeFi) protocol Curve Finance. Egorov deposited over 30% of CRV’s total market capitalization as collateral to take out nearly $60 million in loans on Aave v2. However, Curve’s hack on July 30 impacted its token price, making Egorov’s position vulnerable to liquidation.
Continue Reading on Coin Telegraph
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