9621 Agnes Crossing, Lake Suzanneview, New Mexico Island 84604-9295.
The address, which is affiliated with the bankruptcy hedge fund Three Arrows Capital (3AC), has pulled 20,945 stETH (~$33 million) from Curve Finance’s liquidity pool. 9,400 ETH, 20,945
The address, which is affiliated with the bankruptcy hedge fund Three Arrows Capital (3AC), has pulled 20,945 stETH (~$33 million) from Curve Finance’s liquidity pool.
9,400 ETH, 20,945 ETH and other assets worth $57.86 million remained in the wallet.
Address marked by Nansen as the Three Arrow Capital (0x23)
…8143) removed ~20.945 stETH (~$33 million) from Curve. The address currently holds 9,400 ETH, 20,945 stETH and other tokens worth a total of $57.86 million.https://t.co/gKpgXc4g4P— Wu Blockchain (@WuBlockchain) 6 September 2022
Adam Cochran, a partner at Cinneamhain Ventures, noted that amid the suspension of borrowing on Ethereum by Aave before The Merge, many users are starting to close positions on The Curve, which could be a remake of the events of this summer.
Pausing ETH markets has caused Instadapp to slack heavily on the stETH/ETH pool and has made the situation worse by pulling 3AC pool liquidity…
Did I wake up in July?
The next step will really be the same trade relaxation!?
— Adam Cochran (adamscochran.eth) (@adamscochran) 7 September 2022
An analyst nicknamed DeFiyst has announced that he has increased the borrowing rate on Ethereum from 10% to 20%, which puts pressure on the stETH/ETH exchange rate. The situation may worsen with the sale of 3AC “shared ether” soon.
“It hurts to be in one of these strategies right now” He wrote.
Within 10 hours after this vote passed, ETH usage has already increased by another 2.5% (doubling the borrowing APR from 10%->20% and stETH/ETH is down 0.2%).
It’s painful to be in one of these strategies right now.
And there are still 13 hours until the Aave WETH borrowing is paused. https://t.co/diHysVRCc7 pic.twitter.com/E4ngmPDnN6
— DeFiyst (@DeFiyst) 6 September 2022
On Curve, stETH’s discount to ETH has expanded to 4.15%. Analyst Colin Wu has not ruled out interest in capitalizing on potential PoW forks of the second-largest cryptocurrency network.
The stETH currency price on Curve has dropped to 0.9585 ETH. The current pool currently holds 155,860 ETH (22.72%) and 530,141 stETH (77.28%). There may be some requests to receive a forked airdrop. https://t.co/8y3bNNEX3m
— Wu Blockchain (@WuBlockchain) 7 September 2022
At the same time, Alex Svanevik, CEO of the Nansen analytics platform, discovered a significant flow of “smart money” to staked versions of ETH – stETH, asSTETH, cbETH, icETH and withdrawal of sETH blocked in Aave.
Interesting smart money flows around ETH staking tokens
STETH, ASTET, cbETH, ICETH, … pic.twitter.com/wmjDWL98p6
— Alex Svanevik 🐧 (@ASvanevik) 7 September 2022
Recall that the Ethereum developers planned the mainnet transition to the Proof-of-Stake algorithm around September 15.
They activated the Bellatrix update the other day. Upgrade is the last step before Merge.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
