Solana whale shuffles $25 million to reduce risk to DeFi protocol Solend (via vishal4c)
With the user transferring a part of their position to Mango Markets, Solend has relieved itself from suffering the full brunt of a possible forced liquidation. However, the crisis is still not fully averted, according to Solend, as this simply limits exposure to Solend itself; the trading position — and its potential liquidation — remains active.
"This doesn't completely solve the problem however, since the large liquidation wall still exists," Solend wrote."We're in touch with the Mango team and 3oSE...uRbE to figure out a long term plan."The issue started when the Solend user took a loan of $108 million in stablecoins. The loan was collateralized by 5.7 million solana , which represented 95% of the SOL deposits in Solend's main lending pool.
Yet when the market crashed, this loan became at risk of getting liquidated. It was estimated that this would happen if the price of SOL dropped to $22.30. The Solend team claimed that a liquidation of this size on-chain would be very risky. If the on-chain liquidation went through, the Solend protocol would be at risk of accruing bad debt due to a cascading drop in SOL's value.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Solend Says Whale at Center of Solana DeFi Controversy Starts Moving FundsA large wallet at the center of the governance drama at Solana lending protocol solendprotocol started to move millions of dollars worth of cryptocurrencies this morning. By shauryamalwa
Baca lebih lajut »
Solana DeFi Platform Votes to Control Whale Account in Bid to Avoid Liquidation 'Chaos'Users of solana DeFi platform solendprotocol voted to 'grant emergency power to Solend Labs to temporarily take over' a large account on the cusp of liquidation. realDannyNelson reports
Baca lebih lajut »
Solend invalidates Solana whale wallet takeover plan with second governance voteSolend approved a proposal to invalidate its whale wallet takeover plan to mitigate the risks surrounding the account.
Baca lebih lajut »
New Solend vote invalidates governance decision to take over whale accountA new governance vote has passed that invalidates yesterday's move, with 99% of the votes supporting the new decision.
Baca lebih lajut »
Solend users vote in favor of proposal to mitigate risk imposed by ‘whale’A “yes” vote was meant to: “Enact special margin requirements for large whales that represent over 20% of borrows and grant emergency power to Solend Labs to temporarily take over the whale’s account so the liquidation can be executed OTC.”
Baca lebih lajut »