Solend invalidates Solana whale takeover plan with second governance vote
Solend's invalidation for the second governance vote for the Solana whale account takeover may result in SOL ecosystem collapse
By Shashank Bhardwaj
Solend, decentralised finance (Defi) lending protocol based on Solana (SOL), has brought in another governance vote concerning the invalidation of the recently-approved proposal that granted Solend Labs the authority to access a whale account to avoid liquidation.
Earlier in the week, Solend passed a governance vote, “SLND1: Mitigate Risk From Whale.” The whale liquidation signalled a risk for the market, and the governance proposal would allow Solend to dilute the risk. The strategy behind this proposal was to take control of the whale wallet and liquidate it over the counter.
Solend is apprehensive about SOL price dropping and the whale getting liquidated. In such a scenario, Solend may end up with bad debts, which will severely strain the SOL network.
The whale wallet is the largest user of the lending platform and holds 95 percent of Solend’s deposits with $108 million worth of USDT and USDC. If the SOL price declined to $22.30, the whale wallet might run the risk of liquidating up to 20 percent of its borrowing, or a staggering $21 million.
The proposal was almost unanimously approved, earning Solend a heavy backlash from the crypto community. This move has been termed illegal and contrary to Defi proceedings by the crypto asset holders. It is the opposite of decentralisation.
Ultimately, Solend launched another governance vote to invalidate the precedent vote. The former vote got repudiated with 1,480,264 votes. Governance voting time increased from 6 hours to 1 day, said a tweet from Solend’s official handle.
The second governance vote urged Solend to design a new plan that shouldn’t allow Solend to use emergency power to take over the whale wallet.
@Samogoodfamo tweeted, "Invalidating taking over an account proposal is for the good. No matter what the market conditions might be, the whole idea of crypto is about core economic freedom and trust. Lose it, and crypto shall go to 0."
Solend’s temporary take-over plan of the whale account has shaken the whole crypto community. Had Solend gained the power to watch the whale wallet, it might have skimped back from the breakdown of Defi, but not without repercussions. On the other hand, SOL prices may drop to 0 altogether if Solend doesn’t come up with a new plan sooner.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..