Is Celsius fighting for survival? The troubled crypto lender Celsius is making headlines again. Celsius Network, facing liquidity troubles and halted customer withdrawals, has significantly reduced its debt on decentralized lending protocols Aave and Compound. Recent reports indicate Celsius paid down a substantial $258 million debt initially.

What exactly happened? A crypto wallet connected to Celsius, according to Nansen, lowered its outstanding debt to Aave and Compound significantly on Friday. Beleaguered crypto lender Celsius continues its strategy to pay off outstanding Aave and Compound loans, a strategy initiated after it paid off its Maker loan last week.

The latest developments show Celsius drops its Aave Compound debt to $123 million, and paid off an impressive $113 million Aave and Compound loans in the last 24 hours alone! This aggressive repayment could be an attempt to reclaim collateral locked within these protocols. Since last week’s wave of bitcoin loan repayments, Celsius Network is actively working to alleviate its financial pressures. Previously, Celsius had paid down $95 million of its debt to Aave and Compound.

Will these repayments be enough? The crypto community is watching closely as Celsius continues to navigate its insolvency issues and attempt to restore confidence. The implications of this situation for the broader crypto market remain uncertain.