Crypto lender Celsius Network has repaid interest-yielding DeFi service Compound Finance with $10 million worth of the DAI stablecoin, according to a report from Crypto Briefing.
The payment is likely to be an attempt to re-establish solvency following a recent episode of suspension of withdrawals, swaps and transfers, which resulted in rumours of insolvency. Currently, those services are still under suspension.
Crypto Briefing reported that Celsius has made a number of other repayments over the past week. Celsius has paid $53.6 million DAI in a series of transactions to its vault with Oasis Protocol, a yield-bearing DeFi platform.
According to Gemini, DAI is an algorithmic stablecoin issued by Ethereum-based protocol MakerDAO, which seeks to maintain an exact ratio of one-to-one with the US dollar.
Celsius, an Etherscan block explorer, uses DeFi protocols to generate interest for its clients.
Although the $10 million payment is only a small fraction of Celsius’ activity, this step...
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