The Compound Governance Token is a governance token on the Compound Finance lending protocol, COMP allows the owner to delegate voting rights to the address of their choice; the owner’s wallet, another user, an application, or a DeFi expert. Anybody can participate in Compound governance by receiving delegation, without needing to own COMP.
With this Celsius closes its debt with Compound, which allowed him to receive back about $200 million in tokens. WBTC. It is estimated that the platform a place to buy, sell and store cryptocurrency has paid protocols to DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. about $800 million over the last month.
- Celsius paid USD $50 million to Compound.
- This closed the debt with Compound and received USD $200 million in WBTC.
- The platform has already settled its debt with MakerDAO and yesterday made another payment to Aave.
- It is expected to sell the funds received back to compensate those affected.
The cryptocurrency-based financial services platform, Celsius Network, continues to settle debts with various protocols DeFi, and this time it paid almost $50 million USD toCompound to close refers to the closing price; similar to the same term used in stock trading. the originally acquired commitments.
Celsius pays debt toCompound
According to various published reports, Celsius today completed a pair trade between one cryptocurrency and another, for example, the trading pair BTC/ETH. of transactions for Compound that together total nearly $50 million. This closes the platform’s debt with the service. DeFi, which you can then take back your originally arranged funds as a counterparty.
After closing out the outstanding debt, Celsius was able to retire an additional $200 million inWrapped Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. (WBTC) deposited in Compound, which apparently contemplates to sell and thus pay the affected users after the cessation of operations, this motivated to the insolvency situation by the fall of the crypto market an area or arena, online or offline, in which commercial dealings are conducted. in recent months.
Settling debts with protocols DeFi
This latest payment of USD $50 million is in addition to the large amounts of equity equity is the funds that would be returned to a company's shareholders if all of the company's assets were dissolved and all debts were paid off in the event of liquidation. that Celsius has been moving in the last few days to settle its debts with protocols DeFi.
According to various reports, it is estimated that to date the company has paid more than USD $800 million since June 10 in debts owed to the company. Aave, MakerDAO yCompound. The latter has been precisely to recover the assets originally disposed of as counterpart of the loans requested.
Let’s keep in mind that if Celsius If the company defaulted on the payments assumed with these protocols, once the time limits expired, they could take control of the cryptocurrencies provided as counterpart for the loans provided, which could be traded at their convenience to obtain the financing agreed upon.
At the time of editing, Celsius has already fully settled its debts with MakerDAO yCompound, receiving a combined USD $640 million in cryptocurrencies that were held by those platforms.
With regard to Phantom, Celsius made deposits of USD $80 million to pay down the outstanding account, which allowed it to recover approximately USD $124 million in WBTC and another $417 million in ETH.
- U.S. regulators investigate Celsius, state of Vermont says it is “deeply insolvent”
- Celsius withdrew USD $418 million in stETH tokens from Aave and continues to pay down its debts
- Celsius Network a network refers to all nodes in the operation of a blockchain at any given moment in time. extracted 6,083 WBTC from Aave after paying USD $78 million in USDC
Version by Angel Di Matteo / DiarioBitcoin
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