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August 02, 2023

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.

The Ongoing Curve OTC War: Updates

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.

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.

Over-the-Counter: Why?

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.

Over-the-Counter: Why?

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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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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