New Solend vote invalidates governance decision to take over whale account (via vishal4c)
ASolend, a lending and borrowing protocol on Solana, has reversed yesterday's controversial DAO decision to take control of its largest user account. AThis all started when, on Sunday, the Solend team put up aasking to take over a large user loan in order to prevent a on-chain liquidation event.
The proposal to “mitigate risk from the whale” noted that the user in question had 95% of the SOL deposits in Solend's main pool. In its proposal, the Solend team claimed that a liquidation of this size on-chain was risky due to thin liquidity on the lending protocol. The team further made the case that if the on-chain liquidation went through, Solend would be at risk of accruing bad debt due to a cascading drop in SOL's value.
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