Celsius Network Pays Another $34.4 Million In Debt To MakerDAO

As you probably know by now, the Celsius Network has been making a lot of headlines this year and it was not bullish news. The entity dragged the whole crypto market down, triggering enormous panic among investors.

The other day, we were reporting that according to the important online publication Cointelegraph, the crypto lender’s liquidation price on its Bitcoin loan has dropped to less than $5,000, according to DeFi industry data.

The same online publication just noted the fact that “Celsius (CEL) has repaid a substantial amount of its outstanding debt to Maker (MKR) protocol since the beginning of the month.”

It’s also important to note the fact that this is signaling that the troubled crypto lending platform was trying to stave off a complete collapse amid credible rumors of insolvency.

JUST IN: Celsius Network has paid off another $50 million towards its #Bitcoin loan. Their liquidation price has dropped to $8,840.

— Watcher.Guru (@WatcherGuru) July 4, 2022

Since July 1, Celsius has been able to repay $142.8 million worth of Dai (DAI) stablecoins across four separate transactions, according to data from DeFi Explorer.

It’s also important to mention the fact that the liquidation price reportedly fell by nearly half since Celsius posted a $64 million DAI payment on July 4. This was mere hours after it paid $50 million in DAI.

Someone said: “Lol what about the people who’s money is locked inside and they can’t access it? Also this proves the limited supply is useless when credit exits.”

Now, more news comes out about the crypto lender. Check out the following tweet below:

Today, @CelsiusNetwork repaid another $34.4 million of its debt to @MakerDAO, bringing down #WBTC liquidation level to $2,722. It also got back 2,000 WBTC from the collateral.https://t.co/3QtKOh333I

— Krisztian Sandor (@sndr_krisztian) July 5, 2022

We suggest that you head over to DeFi Explore website and take a look at all the official notes.