EUR/USD 1.15670
0.022%
Gold 4027.07
0.069%
Oil 60.051
-0.116%
USD/JPY 154.111
-0.026%
GBP/USD 1.31527
0.021%
GBP/JPY 202.702
0.011%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Japans September unemployment rate will be released in ten minutes.1. All three major U.S. stock indexes closed lower, with the Dow Jones Industrial Average down 0.23%, the S&P 500 down 0.99%, and the Nasdaq Composite down 1.57%. Boeing fell more than 6%, and Amazon fell more than 3%, leading the Dows decline. The Wind U.S. Tech Big Seven Index fell 2.15%, Facebook fell more than 11%, and Tesla fell more than 4%. Most Chinese concept stocks fell, with Pony.ai falling nearly 7% and 21Vianet falling more than 5%. 2. The three major European stock indexes closed mixed, with the German DAX index up 0.02%, the French CAC40 index down 0.53%, and the UK FTSE 100 index up 0.04%. 3. US Treasury yields rose across the board. The 2-year Treasury yield rose 1.63 basis points to 3.608%, the 3-year Treasury yield rose 1.41 basis points to 3.609%, the 5-year Treasury yield rose 1.04 basis points to 3.715%, the 10-year Treasury yield rose 2.32 basis points to 4.097%, and the 30-year Treasury yield rose 3.45 basis points to 4.655%. 4. International precious metals futures generally closed higher. COMEX gold futures rose 0.94% to $4038.30 per ounce, and COMEX silver futures rose 1.71% to $48.73 per ounce. 5. The most active US crude oil contract closed down 0.31% at $60.29 per barrel; the most active Brent crude oil contract fell 0.45% to $64.03 per barrel. 6. London base metals fell across the board. LME copper fell 2.27% to $10,930.00/ton, LME tin fell 1.28% to $35,720.00/ton, LME zinc fell 1.23% to $3,044.50/ton, LME nickel fell 0.75% to $15,250.00/ton, LME aluminum fell 0.59% to $2,870.00/ton, and LME lead fell 0.22% to $2,022.00/ton.Nasdaq futures opened 1.1% higher, driven by after-hours gains in Apple (AAPL.O) and Amazon (AMZN.O).Apple (AAPL.O) CEO Tim Cook: Supply of several iPhone 17 models is currently limited.Amazon (AMZN.O) CFO: AWSs operating margin will fluctuate depending on the level of investment.

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

Jimmy Khan

Jul 13, 2022 15:46

微信截图_20220713153530.png


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.

Suggestion