TL;DR
- DWF Labs has sold its entire Curve DAO (CRV) token at a loss of 17.5%.
- CRV price has fallen by more than 45% so far this year and has dropped out of the top 100 cryptocurrencies.
- Curve DAO founder has requested additional funding to continue developing the platform.
DWF Labs, a leading cryptocurrency trading firm, has decided to liquidate its entire Curve DAO (CRV) token holding, totaling 12.5 million units, recording a loss of 17.5% on the transaction.
The sale was conducted through Binance and was carried out at a price lower than the purchase price during the liquidation sale led by Curve DAO founder Michael Egorov, who had set a price of approximately $0.40 per token.
DWF Labs has deposited all their OTC-bought $CRV to Binance at a loss!
In the past 28 hours, @DWFLabs deposited all 12.5M $CRV ($4.12M) to #Binance, of which the last 10.5M $CRV ($3.44M) was transferred out 9 hours ago.
With an OTC-buying price of $0.4 and an average… https://t.co/vbpeq1WLaU pic.twitter.com/LbBkxnVY6c
— Spot On Chain (@spotonchain) August 23, 2024
The drop in CRV value has been pronounced since the Curve DAO hack incident in 2023.
The token’s price has declined by more than 45% so far this year, leading CRV to lose its position among the top 100 cryptocurrencies.
This drop in value has prompted DWF Labs to divest from its CRV investment, leading it to sell all of its tokens in a recent period at lower prices than it initially paid.
According to data provided by Spotonchain, DWF Labs has transferred 12.5 million CRV, worth approximately $4.12 million, to Binance in the past 28 hours.
Of this amount, the last 10.5 million CRV, equivalent to approximately $3.44 million, were transferred in the last 9 hours.
The firm purchased these tokens at a price of $0.40 on the OTC market, while the average price on centralized exchanges (CEX) was $0.33, thus confirming a loss for the firm.
Curve DAO Founder’s Development Proposal
Amid the falling CRV price, the founder of Curve DAO has submitted a proposal to request financial support from the Community Fund.
On August 19, a total of 21 million CRV, valued at approximately $6.3 million, was requested in order to continue the development and maintenance of the 25-person Swiss Stake team.
This request seeks to secure the resources necessary to continue Curve DAO’s research and development efforts.
The community has asked for more details and transparency on the use of these funds and how they align with the platform’s development roadmap.
Currently, CRV is trading at an average price of $0.329, with a 24-hour trading volume down 40% to $102 million and a market cap of $384 million.
