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July 6th - The US ISM Services PMI report showed that economic activity in the service sector continued to expand in June. The services PMI registered 54, marking the 24th consecutive month in expansion territory. Miller, chairman of the ISM Services Business Survey Committee, stated that the June services PMI was 54, down 0.5 from 54.5 in May. The business activity index remained in expansion territory, down 2.3 from 57.7 in May to 55.4. The price index fell to 67.7 in June, down 3.6 from 71.3 in May, marking the first time it has fallen below 70 since February. This index has been above 60 for 19 consecutive months, with a 12-month average of 68. Diesel, gasoline, petroleum, and related commodities were again mentioned as the commodities with the largest price increases in June, but other respondents reported price declines. This may be due to differences in contract terms between different companies for these commodities. Some respondents reported lower prices for gasoline and diesel, but this was not a widespread phenomenon. We expect this situation to continue for several months as rising oil prices are transmitted to the supply chain, but assuming continued progress in oil shipments through the Strait of Hormuz in the near term, it should ease in the fall.The U.S. ISM non-manufacturing supplier deliveries index for June was 54.4, compared to 55.2 in the previous month.The U.S. ISM non-manufacturing inventory index for June was 51.2, down from 62.5 in the previous month.The U.S. Conference Board Employment Trends Index for June was 106.69, compared to 107.01 in June.The U.S. ISM non-manufacturing new orders index was 55.1 in June, compared with 57.3 in the previous month.

Celsius Network Close to Zeroing Outstanding Debt With $59 Million Aave Payment

Jimmy Khan

Jul 13, 2022 15:46

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Celsius (CEL-USD) doesn't want to commit the bankruptcy trap, as several of its contemporaries have recently done. It has been perilously close to falling over a cliff because of its substantial market obligations. But as of right now, the Celsius network is one step closer to paying off these loans. After making a sizable contribution to the Aave (AAVE-USD) network, it is almost financially independent of the platform. Additionally, it's enabling Celsius to reclaim a substantial stockpile of staked Ethereum (ETH-USD) tokens.


One of the most well-known crypto fund managers and DeFi platforms available is Celsius. Through its trading, lending, and staking platforms, the platform at its height was in charge of managing $20 billion in assets. But it has been falling sharply since the most recent crypto meltdown.


Since the bitcoin market crashed, Celsius has become heavily indebted to other DeFi service providers. The business owes Aave and sister DeFi platform Compound a combined $258 million (COMP-USD). The ecosystem of MakerDAO (MKR-USD) owes another $223 million.


With these obligations close at reach, bankruptcy was a very real prospect for Celsius. Both Three Arrows Capital and Voyager Digital, fellow asset managers, announced their own bankruptcy filings in late June of last year.


This forced the business to use some less-than-ideal asset protection strategies, according to investors. This includes a withdrawal stop that was implemented in order to maintain the liquidity of the network. Although efficient, it infuriated the 500,000 customers who were unable to remove their assets off the blockchain during the market meltdown.

Celsius Network is still able to stay out of bankruptcy.

The Celsius network was able to cobble together the cash necessary last week to settle its $223 million debt to Maker. It got the $450 million it had pledged as collateral in return. The business immediately used the money to deposit a $950 million collateral with Aave and Compound. This week, the business has been actively attempting to get rid of those debts.


This week, Celsius is making progress on its debt to Aave and Compound in addition to bringing on a new legal team to help it escape bankruptcy at all costs. The business paid off $20 million of its debt to Aave yesterday. It is now paying down an additional $81 million. Following the start of this payment, Celsius' total debt to Aave was only $8.5 million. A further $410 million in collateralized staked ETH tokens were also made available.


Between Aave and Compound, Celsius only owes a total of $59 million more in debt. But a setback is unfortunately on the horizon for the business. KeyFi, a DeFi startup, is suing Celsius for allegedly refusing to uphold an agreement between the two.


KeyFi has been using the money from Celsius to make risky, leveraged bets. KeyFi claims Celsius failed to adhere to the agreed-upon proportion of earnings that it was understood the two would share with KeyFi. The business is now suing Celsius in court. It is making strong assertions that Celsius is a Ponzi scheme, which will provide the business with additional challenges in the future.

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