The Ongoing Curve OTC War: Updates
The Curve over-the-counter (OTC) war continues to brew. Various entities have bought and received CRV, Curve’s native token, sparking speculation about the protocol’s future. Let’s dissect these transactions to understand the implications they may carry for the Curve ecosystem.
Distributing CRV: The Whos and Hows
Substantial amounts of CRV have shifted hands in a series of high-profile transactions. Here’s a rundown:
- 17.5M CRV went to 0xf51.
- Justin Sun received 5M CRV.
- 4.25M CRV was transferred to DCFGod.
- Ox4d3, DWF Labs, and Cream: Multisig each received 2.5M CRV.
- 1.25M CRV went to 0xcb5.
- 3.75M CRV was sent to machibigbrother.eth.
- An amount of 250k CRV was moved to 0x9bf.
The Curve OTC War updates:— Sandra (@sandraaleow) August 1, 2023
17.5M CRV to 0xf51
5M CRV to Justin Sun
4.25M CRV to DCFGod
2.5M CRV to Ox4d3
2.5M CRV to DWF Labs
2.5M CRV to Cream: Multisig
1.25M CRV to 0xcb5
3.75M CRV to machibigbrother.eth
250k CRV to 0x9bf
Additionally, 2.5M CRV went to “erwwer” on OpenSea and another 10M CRV went to DWF Labs. In addition, a transfer of 2.5M CRV went to c2tp.eth.
Interestingly, machibigbrother.eth locked up 3.75M CRV (worth approximately $2.2M) until 01/02/2024, which you can verify via this transaction link.
Lockup Period and Market Conditions
These transactions come with a 3 to 6-month lockup period, meaning these CRV tokens will not enter the market immediately. This period could stabilize the CRV price temporarily.
However, if the CRV price climbs to $0.80, traders might sell these tokens on the open market, possibly affecting the price.
Notably, Wintermute, a renowned global algorithmic market maker, didn’t participate in these OTC deals.
The primary question that arises from all these activities is: Why OTC? OTC transactions offer several benefits. They are discrete, allowing large amounts of tokens to change hands without immediately affecting the market price. OTC deals also offer privacy, keeping the specific transaction details, including the price, from public view.
While the exact selling price for these OTC deals remains undisclosed, speculation puts it around $0.4. This OTC strategy appears to be a response to the turbulent market conditions, aiming to minimize the price impact of large token sales.
The Broader Picture
While these transactions continue to unfold, it’s critical to understand their broader impact on the Curve ecosystem and the DeFi space. The long-term effects of these OTC transactions, and the strategies involved, will play a crucial role in shaping Curve’s future trajectory.
We’ll continue to monitor these developments and provide further insights as the Curve OTC war persists. As always, participants in the DeFi space should exercise caution and conduct their due diligence when dealing with such volatile situations.
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