Solend Community Canceled Whale Account Management Decision
- June 20, 2022
- 0
As a result of a recent vote, the Solend crypto loan protocol community based on Solana has rescinded the previous decision to control a major position holder’s account.
As a result of a recent vote, the Solend crypto loan protocol community based on Solana has rescinded the previous decision to control a major position holder’s account.
Management proposal SLND2 passed.
SLND1 was deprecated and management voting time increased from 6 hours to 1 day. pic.twitter.com/z0agJV9pOz
— Solend (we’re hiring!) (@solendprotocol) 20 June 2022
On June 19, the Solend team voted on SLND1’s proposal to introduce special margin requirements for large users. The developers also requested temporary authorization 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 stem from fears of a possible gradual decline in the SOL price as a result of the liquidation of positions.
5.5 hours allocated for voting in support of the proposal DAO at 97.5%.
However, within a day, the team submitted SLND2 for consideration, which included:
- cancellation of the previous offer;
- increasing the voting period by up to one day;
- development of measures that do not provide emergency powers to control accounts.
“We listened to your criticism of SLND1 and how the voting was done. “The price of SOL has risen steadily, which has given us time to gather more feedback and consider alternatives,” the team said.
SLND2 support was 99.8% of the vote.
On June 18, SOL price dropped below $28, but over the next two days it rose above $35 (CoinGecko). The liquidation threshold for whale positions is $22.27.
The developers admitted that voting day is still “still not enough”. But according to them, “you need to act quickly to eliminate the systemic risk.”
The team realized that the major user itself supports both the first and second offers. He called for SLND3 to be resolved as soon as possible with the “best solution” as the market is “constantly changing within 24 hours”.
Voted on SLND1 and again on SLND2, the anonymous whale says this publicly on Solend Discord. pic.twitter.com/k2JMnWLwLO
— Solend (we’re hiring!) (@solendprotocol) 20 June 2022
Solend urged users to “take an active role in management over the next few days.”
Remember what a DAO is and how it contributes to the decentralization of management, ForkLog explained on the cards.
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Source: Fork Log
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