MKR is a cryptocurrency depicted as a smart contract platform and works alongside the Dai coin and aims to act as a hedge currency that provides traders with a stable alternative to the majority of coins currently available on the market. Maker offers a transparent stablecoin system that is fully inspectable on the Ethereum blockchain. Founded almost three years ago, MakerDao is lead by Rune Christensen, its CEO and founder. Maker’s MKR coin is a recent entrant to the market and is not a well known project. However, after today it will be known by many more people after blowing up 40% and it is one of the coins to rise to prominence during the recent peaks and troughs.
For crypto to continue to spread and gain traction we’ve got to bring the next 100m people into the crypto community. In order to do that, real products built by real teams have to provide real utility to the public. We’re building Celsius to bring a new wave of financial products to the market designed, for the first time, to always do what’s in the best interest of its members instead of trying to make as much profit as possible. Members will be able to borrow USD against their crypto holdings in their wallet which will be used as collateral. Our goal is to allow anyone who’s in need of cash to easily borrow from the Celsius platform without having to sell their crypto holdings. In the future, through the Celsius Network, cryptocurrencies deposited by members into their Celsius Wallet will be available on the network for immediate borrowing and shorting.
Despite the fact that Celsius has mitigated a significant portion of its debt with MakerDAO, reports claim that it still owes capital capital is most commonly defined as the large sum of money you would use to invest. to Compound, AAVE and other protocols DeFi.
- Celsius paid USD $120 million to MakerDAO.
- The payment was made in three transactions.
- Still owes USD $82 million to Maker, in addition to some $100 million to Compound and USD $175 million to AAVE.
The cryptocurrency-based financial services platform, Celsius Network, paid some USD $120 million to the protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. MakerDAO to reduce its debt to the decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. organization responsible for the stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. DAI.
Celsius paga USD $120 millones a MakerDAO
This is reflected in data published by block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. explorer Defiexplore.com , which indicate that the corresponding contribution was made in three transactions. Let’s keep in mind that Celsius requested hundreds of millions from MakerDAO, which he paid at the time by making funds available 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) as collateral.
With these payments, Celsius closed off the possibility of a possible liquidation liquidation refers to the conversion of an asset or cryptocurrency for fiat or its equivalents. of its funds by MakerDAO. It should be borne in mind that the decentralised protocols have the power to sell the assets provided as collateral collateral is any asset that a lender accepts as a form of security to ensure that the borrower repays a loan. by the interested party in the event that they do not cancel the debts assumed.
However, reports suggest that despite having paid off much of the debt with MakerDAO, Celsius still has loans outstanding on several other loan protocols. Among these would be debts of USD $100 million toCompound, USD $175 million with AAVE, This without leaving aside that there is still another USD $82 million missing corresponding to Maker.
Serious problems for Celsius
While this could be seen as an attempt by the company to put an end to the difficult situation it is facing, the truth is that there is a possibility that the company could face an insolvency scenario that could lead it to declare bankruptcy.
This was indicated by reports published last week, which claim that the company Celsius Network a network refers to all nodes in the operation of a blockchain at any given moment in time. LLC hired consultants from the firm Alvarez and Marsal The purpose of the meeting is for them to provide recommendations on the best course of action to follow in this scenario.
Added to this is the fact that regulatory agencies in the US are monitoring the evolution of Celsius, precisely to assess whether they are acting in accordance with the laws in force in the difficult situation they are experiencing.
Let’s keep in mind that the company indicated that stabilizing the platform a place to buy, sell and store cryptocurrency “it would take time “They asked for patience and promised to respond once the picture was clearer. However, the staff clarified that they were focusing on trying to resolve this difficult situation that they had been facing. “was unprecedented”.
Other reports suggest that several companies would be interested in helping in some way to Celsius Network. These include the US-based international bank, Goldman Sachs which seeks to raise about $2 billion to buy the company’s assets.
- Goldman Sachs seeks to raise $2 billion to buy Celsius assets, report says
- Celsius Network contemplating bankruptcy and seeking legal advice, reports reveal
- Celsius seeks advice from Citigroup after freezing withdrawals, regulators are watching closely
Version by Angel Di Matteo / DiarioBitcoin
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