DeFi

July 6, 2022

DeFi: Who’s On Life Support?

Celsius

Thought Celsius would be included in the ‘Who’s dead?’ category? Celsius might be refilling the hole they dug themselves in. This month, Celsius paid Maker DAO ($MKR.X) back over $177 million in DAI ($DAI.X). 

The image above is a snapshot of Celsius’s BTC collateral and debt in DAI.

The result of these debt payments is a massive reduction in the liquidation level Celsius would face with its outstanding debt to Maker. What is the current liquidation price? It’s currently at $2,722. If Bitcoin gets that low, crypto has bigger issues than the DeFi space’s solvency. 🏥

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