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Celsius Repays $10M Worth DAI Stablecoin To Compound Raising Hopes


Celsius Repays $10M Worth DAI Stablecoin To Compound Raising Hopes
  • The corporation paid back 10 million DAI and received 166 COMP ($5,200).
  • On June 13, the company stopped allowing withdrawals, trades, and swaps.

Celsius delivered $10 million of DAI to Compound, making a large payment to the latter business. Compound Finance, a popular interest-earning DeFi business, has received $10 million worth of DAI stablecoin from the lending platform.

To put it another way, the corporation paid back 10 million DAI and received 166 COMP ($5,200) per data from the Etherscan block explorer. In addition, Celsius has made many additional repayments in the last week. Oasis Protocol, another yield-bearing DeFi platform, was used to pay $53.6 million DAI to the vault in a series of transactions.

Investors Anticipate Solvency Possibility

In order to keep its customers interested, Celsius employs a variety of DeFi protocols. With its most recent payment of $10 million, it’s likely ending positions with these firms to reclaim liquidity and allow consumers to withdraw once again. Today, Celsius’s $10 million payment is a tiny part of the company’s total revenue.

For instance, the corporation received $397 million in inflows and lost $1 billion in outflows during the week of May 6. As a result, if demand for withdrawals continues to be excessive, the company may be unable to meet its obligations. Celsius has now been without service for a week. On June 13, the company stopped allowing withdrawals, trades, and swaps.

“Our objective continues to be stabilizing our liquidity and operations,” the firm wrote on June 19. It added that this “will take time” and “continue to work around the clock.” In addition, Celsius said that it is willing to work with government authorities and regulators. Since last week, the incident has been investigated by officials from four American states.

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