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Tron’s Justin Sun Bails Out Curve Finance with $2M in CRV

● Justin Sun, the founder of Tron Blockchain, has bought five million Curve tokens (CRV) from an address labeled “Curve.fi Founder” in order to help with the decentralized exchange Curve Finance’s bad debt situation.
● The transaction was for an average price of $0.4 via an over-the-counter transaction, amounting to $2 million, which Sun paid in Tether (USDT).
● Justin Sun and Michael Egorov are working to introduce a stUSDT pool on the decentralized exchange to amplify user benefits and support the platform.

Justin Sun Buys 5M CRV Tokens

Tron’s founder Justin Sun has purchased five million Curve tokens (CRV) from an address labeled “Curve.fi Founder” in an attempt to help with the decentralized exchange Curve Finance’s bad debt situation. As disclosed by blockchain analytics platform Lookonchain, Sun bought the tokens at an average price of $0.4 via an over-the-counter transaction, amounting to $2 million, which he paid in Tether (USDT). The Tron founder acquired the assets below their current trading price of $0.59.

Sun and Egorov Working Together

Commenting on the transaction on Twitter, Sun said his joint efforts with Curve Finance founder Michael Egorov would introduce a stUSDT pool on the decentralized exchange to amplify user benefits and support the platform. Additionally, Egorov has deployed a new Curve pool for FraxLend’s CRV/FRAX market with massive rewards to alleviate his debt.

Concerns Over DeFi Implosion

Sun’s CRV purchase comes amid worries that liquidating Egorov’s $100 million loans would trigger an implosion of the DeFi ecosystem. The concerns were heightened after Curve Finance suffered an exploit that led to the loss of more than 1% of its total value locked away in its smart contracts worth nearly $1 billion at one point during July 2020..

Support For The Platform

Sun reiterated his commitment towards providing support whenever needed for Curve Finance as well as empowering users through a decentralized finance system on Twitter saying: “Excited to assist Curve! As steadfast partners, we remain committed to providing support whenever needed.” He further added: “Our joint efforts will introduce the @stusdt pool on Curve, amplifying user benefits.”

Conclusion

In conclusion , Justin Sun’s purchase of 5M CRV tokens is aimed at helping out curve finance’s bad debt situation while also introducing a stUSDt pool on their decentralizesd exchange platform . This move shows how confident Tron is about supporting this platform and increasing its user base .