Celsius Drops Its Aave & Compound Debt to $123 Million, Pays off $113M in 24 Hours

Vignesh Karunanidhi
Celsius Drops Its Aave & Compound Debt to $123 Million, Pays of $113M in 24 Hours
Source: HiperTextual

Following the spree of bitcoin loan payments last week, Celsius Network paid off $113,105,000 towards its Aave and Compound loans in the last 24 hours.

Celsius seems to be following the same strategic financial management that was applied last week. The crypto lending platform paid off its bitcoin loan and freed up $453 million in collateral last week. The same strategy seems to be repeating this week as Celsius dropped its Aave and Compound debt to $123 million, following a string of repayments in the last 24 hours.

Celsius repaid $113,105,000 over six transactions

Celsius began the series of repayments with a 20,000,000 USDC payment on July 11, 2022, at 12:06 AM +UTC. This was followed by another 30,000,000 USDC payment that happened on July 11, 2022, at 11:09 AM. The third transaction happened 27 mins later, which was a repayment of 10,000,000 USDC.

The fourth payment was made in DAI to Compound, which was 30,000,000 DAI, and was paid on July 11, 2022, at 12:30 PM +UTC. It was followed by the fifth payment of 5,000,000 DAI, exactly 12 mins later. The most recent transaction was made to Aave, which was worth 18,105,971.629642 USDC. You can check the entire fleet of transactions from the tweet below.

The transactions combined total $113,105,000. Celsius is $123 million away from clearing its debt and freeing its collateral. Seeing last week’s actions by the crypto lending platform, users may expect a similar fashion this week.

It has been 30 days since Celsius halted its withdrawals, trades, and all activities citing harsh market conditions. The users are still expecting a date when users may be able to access their funds. The recent market turmoil has proven to be extremely difficult for different crypto firms and crypto lenders. Crypto firm Voyager digital also filed for bankruptcy recently as the market shook them up.