Thread by @DeFiyst

1/10 Celsius on-chain positioning update🧵

TL;DR: Significantly healthier.

Celsius continue to find more shekels, adding to their collateral across the board for 3 main positions:

1) Maker wBTC Vault now has a liquidation price of $14k, having paid down more of their DAI debt

2/10

Some more ETH has been added to their stETH @AaveAave collateral, and $2.4m in USDC debt has been paid off.

Despite topping up small amounts, the Aave health factor is still lower than my prior update given a slide in price of underlying collateral

https://twitter.com/DeFiyst/status/1536735047293837319?s=20&t=ztWZbYHR3ZL81bd0OvbDHA

3/10

A sizable position that has not received much attention is the 14k BTC & 87k ETH ($420m total) in @compoundfinance.

They have not touched this position much besides recently repaying down $6.2m in DAI debt etherscan.io/tx/0x7c9ce068b…

4/10

Observations:

The above position alone constitutes 47% of ALL borrowed DAI in Compound and 25% of ALL borrowed USDC.

Insane to think how much of DeFi TVL is dominated by the few as @lawmaster alludes to here:

https://twitter.com/lawmaster/status/1536327524984176647?s=20&t=R8U1W2S-hweyFqzyQHGXYA

5/10

Celsius seem to use this wallet as an onramp from FTX with Tether originating from here that was then converted to DAI and used to bolster positions; etherscan.io/address/0x845c…

(good one to track)

6/10
There's a lot happening on-chain right now across Celsius' wallets.

Secondary wallets such as this: etherscan.io/address/0xdbf5… are interesting to observe also since many ERC20s are flying in and out as Celsius aim to bolster collateralized positions and work out total assets.

7/10

IMO a lots of uncertainty right now around the overwhelmingly large amt of stETH Celsius owns proportional to the Curve pool size.

I think many people are awaiting for information wrt the stETH to increase confidence levels before ppl but risk back on.

8/10

@zhusu & @KyleLDavies definitely not helping in this regard with their stETH dumping

https://twitter.com/DeFiyst/status/1536669033608667136?s=20&t=TVb1y6nM8WgMG-3iXFTa5w

Lets hope a Celsius deal can be reached + publicized then maybe we see a relief rally.

9/10

Overall @CelsiusNetwork and @Mashinsky are in a significantly better spot than they were since I started tweeting about this yesterday (below)

Has been fun to closely track movements on-chain and keep ya'll updated. Lets hope the worst is behind us

https://twitter.com/DeFiyst/status/1536262049600258050?s=20&t=R8U1W2S-hweyFqzyQHGXYA

10/10
This account has 8x the number of followers it had yesterday lol. Shoutout to everyone who has been closely monitoring this alongside me 🫡

@HsakaTrades @lawmaster @SplitCapital @0xShual @TheDeFiDan @Timccopeland @nanexcool @MikeBurgersburg @SmallCapScience &many others