Editor’s Choice3AC is Nowhere but Celsius is Fighting

3AC is Nowhere but Celsius is Fighting

3AC Three arrows capital founders Su Zhu and carl davies are nowhere to be found. AVA launches a stablecoin or at least tries to and celsius bears the true cost of capital efficiency.

Kyle davies and Su Zhu the founders of 3AC three arrows capital appear to be ghosting the lawyers involved in their liquidation proceedings. According to a Coindesk article court documents filed on Friday indicate that the pair had not yet begun to cooperate with the process in any meaningful manner. 

They had appeared on a zoom call but with the video, off and their Singapore office is apparently now abandoned. The starry night fund has moved its entire portfolio out of its wallet on super air as well. The issue is nobody really knows what 3AC three arrows capital are owned nor where it is.

There’s a very real danger all of that wealth could be transferred out of sight before creditors are able to determine the true value of their remaining portfolio and claw some of it back. An emergency hearing is due to take place Tuesday am in new york. 

Now AVA whose logo literally is a ghost announced it had submitted an arc to launch a self-sovereign over collateralized stablecoin called backed by other’s own collaterals. So won’t be algorithmic that’s the first headline. Making it a bit more like die but with their own unique feature known as facilitators, that’s the second headline. These are entities with the ability to trustlessly generate and burn to-go tokens. 

Facilitators thank you daniel will have to be approved by other governance before being granted this privilege with further restrictions on the amount of go they can generate again subject to governance approval. So governance governance governance. 

Do we really need another stable coin and did they miss a trick by not calling it boo? Now while 3AC three arrows capital might be going in the wind the temperature is still hot celsius.  Now there is still a pulse in celsius. 

After paying off its debts to make a dow the poster child for irresponsible yield appears to have reduced its existing debt on ava. It’s compound by close to half a billion dollars on Friday. With an estimated 950 million dollars in assets including WBTC east link uni and comp locked as collateral. There’s clearly still hope of turning things around.

Related: What happened to 3ac?

It will be interesting to see how that cell pressure impacts the market. After a relatively green week bitcoin is now trending back down towards 20k once again. It is hard to see how any sizeable moves will be possible given the ongoing cleanup from the lunar collapse.

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