Crypto lender Celsius (CEL) has repaid $142.8 million worth of the stablecoin Dai (DAI) to Maker (MKR) protocol, according to data from DeFi Explorer. The repayments were conducted through four separate transactions.
Celsius still has $82 million in outstanding debts to Maker Protocol. Celsius’ losses currently stand at $667.2 million, out of $1.8 billion in lifetime investments.
The lender’s liquidation price on its Wrapped Bitcoin (wBTC) loan has dropped to $4,966.99 BTC, from $8,840 BTC, as soon as Celsius made a $64 million DAI payment on July 4.
JUST IN: Celsius Network has paid off another $50 million towards its #Bitcoin loan. Their liquidation price has dropped to $8,840.
— Watcher.Guru (@WatcherGuru) July 4, 2022
Celsius is one of many crypto companies hit by the results of extreme market conditions within the past few months. The lending firm has paused operations in withdrawals in mid-June, and has onboarded new legal counsel to advise for restructuring.
Recommended
- Coinbase incentivises Solana staking with higher APY than Ethereum
- 75% of Marathon mining fleet remains offline after two weeks
- Tether CEO renounces USDT FUD as short sellers plan to harm liquidity
Previously, conversations on Celcius’ unsustainable business models had included advertising annual percentage yields (APYs) of up to 18.63% on crypto deposits.
It can be seen that Celcius is trying to stay afloat amongst record crypto market lows, and boost its credibility as a platform. Despite liquidity issues and reports of insolvency, Celsius has been still paying weekly rewards as of last week.
Talk to us about quality Content Creation to help spread the word about your project
Support your marketing initiatives with Run the Chain curated content that piques community interest and keeps them engaged with our Content Creation services
To find out more, click here.
