• February 27, 2024

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Community of Crypto Lending Protocol Solend Revokes Previous Whale Account Management Decision

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The community of Solend, a crypto lending protocol based on Solana, has canceled as a result of a new vote the previous decision to control the account of a large position holder.

Last June 19, the Solend team put to the vote SLND1’s proposal to introduce special margin requirements for large users. The devs have also asked for temporary authority to manage the whale account, which accounts for 95% of all deposits in Solana (SOL) and 86% of loans in USD Coin (USDC).

The measures are caused by fears of a possible cascading decline in the price of SOL as a result of the liquidation of positions.

5.5 hours were allotted for voting, during which the proposal received the support of the DAO in 97.5%.