Michael Egorov, the founder of Curve Finance, faces financial losses following his recent CRV sale. Despite this, the Yield Basis project shows promising development, while CRV indicates potential growth.
Michael Egorov's CRV Sale
Curve Finance's founder Michael Egorov recently sold 468,769 CRV tokens for $238,171 USDC at an average price of $0.508, leading to a loss of $745,000. Back in December, he had acquired 1.226 million CRV at an average price of $1.114 per token, totaling $1.37 million.
New Yield Basis Project
Egorov launched a new project called Yield Basis, aimed at mitigating impermanent loss in DeFi. The project raised $5 million at a $50 million valuation by selling 100 million YB tokens. The funding round was oversubscribed by 15 times and closed in two weeks. Tokens will vest after a six-month cliff, followed by two years of linear vesting.
CRV's Bullish Reversal Signs
Analyst Bitcoin Wukong notes that CRV shows a rounding bottom pattern, indicating a potential breakout. After falling from $0.88 to $0.47, the token entered a consolidation phase. Recent growth above $0.55 and increasing volume affirm the bullish potential.
Michael Egorov faces financial challenges following his CRV sale, but his new project Yield Basis shows successful outcomes. CRV indicates promising growth signs due to the emerging bullish trend.
