Tron Network Stableсoins :: DeFi Crisis Giant Curve

Song stated that liquidity pools using stablecoins issued on the TRON network will increase the benefits for users, and pointed to protection from potential bad debts.

Justin Sun, the founder of the Tron blockchain, has taken steps to guard against potential bad debt caused by the collapse in token (CRV) prices that could affect large loans linked to Curb Finance founder Mikhail Egorov.

According to blockchain data released on Tuesday, Sun acquired nearly 5 million CRVs in an OTC transaction from a wallet designated "Curve.fi Founder" at an average price of $0.4, equivalent to just over $2.3 million.

This is well below Curve's trading price of $0.59 at the time of writing on Tuesday and above the $0.37 level at which Egarov's loan could be repaid.

I'm angry for supporting Curve," Sun tweeted on Tuesday." "As loyal partners, we are ready to provide support when needed."

"By joining forces, we can build the @stusdt pool on Curve and increase user value. Together, we are committed to empowering communities and building decentralized finance," Sun added. stUSDT is described as "the first real asset protocol on the TRON network".

Shortly after Sun's purchase, several other DeFi players began acquiring the tokens at a discounted price in over-the-counter trading, according to blockchain data.

Crypto investor Jeffrey Huang, known on the Internet as Machi Big Brother, bought 3.75 million tokens, while DWF Labs and DeFi Protocol crypto funds bought 2.5 million cryptocurrencies each.

Mr. Egorov sold a total of 39.25 million CRV tokens via OTC and received $15.8 million as of Tuesday afternoon in Europe.

On Sunday, exchange giant Curve Finance suffered a crash that sent the price of CRV tokens down and put Mr. Egorov’s $168 million in liquidation at risk.

This event caused traders to be bearish about the token, as well as fears that liquidated assets should be sold in a market where prices are already falling.

The liquidation of such large positions could put pressure on other DeFi protocols as CRVs are used as trading pairs and ballast in trading pools throughout the ecosystem.

However, wealthy participants like Sun want to be recognized by the community and possibly protect their own large tokens from backlash.

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