Cardano
Celsius Files for Bankruptcy and Calls It Restructuring Plan
Celsius Network is next in line for filing bankruptcy, but they are probably in denial.
Things are not looking so good for the crypto lender Celsius Network. While facing a liquidity crisis, the company has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York.
However, the company seems to be in denial when it stated that the reason for this filing is to stabilize its business by restructuring in a way “that maximizes value for all stakeholders.” Celsius said it has $167 million in cash on hand to support operations in the meantime. Earlier, CNBC reported the company’s lawyers were notifying individual U.S. state regulators as of Wednesday evening, according to a source, who asked not to be named because the proceedings were private.
Alex Mashinsky, co-founder and CEO of Celsius Network declared that the decision is right for the company as well as its community. He is confident that this is a historic moment that will be looked back on with the comprehension that acting with resolve and confidence served the community and strengthened the future of the company. Experts believe that it is a trait to avoid freezing customer accounts at a later period by giving the excuse of extreme market conditions. The condition of such a low point for the company is a high impact of the crypto downfall that has been going on for the past few months.
Cryptocurrencies have hardly ever been immune. Since Bitcoin hit an all-time high in November, the value of the world’s most popular digital currency has fallen by about 70%, and its rivals are also suffering. Ether is down by around 70% this year, and so is Dogecoin. Bitcoin’s backers have always claimed the digital currency would be an “inflation hedge,” but in fact, it hasn’t behaved that way. As shares of tech companies have plummeted, so has Bitcoin’s value. What this episode, this crash in crypto prices, shows is that cryptocurrencies are by and largely speculative financial assets that are subject to macroeconomic forces, such as changes in interest rates.
However, Celsius is not the only one that is down at the moment. Voyager filed for Chapter 11 bankruptcy protection last week, after suffering losses due to exposure to now-defunct hedge fund Three Arrows Capital. A judge in the New York bankruptcy court froze Three Arrows Capital’s remaining assets this week. The fund is now in the process of liquidation proceedings.
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Original Source: https://www.analyticsinsight.net/celsius-files-for-bankruptcy-and-calls-it-restructur…
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Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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