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Solend Canceled the Decision to Take Control Over Whale's Account

bctd.news 20 June 2022 09:42, UTC
Reading time: ~2 m

Solend, a decentralized lending protocol based on the Solana blockchain, recently voted to take control over a whale's account to mitigate risks related to liquidation. The network said if SOL drops and the whale gets liquidated, the platform may end up in debt.

However, the next proposal invalidated the decision. The SLND2 mentioned that the network has been listening to the users' criticism over the first one and how it was conducted. Along with this, the voting time was prolonged to one day. Solend noted that the SOL price started to grow and there is some time to receive more feedback and consider alternatives. The SOL price increased by around 12% in the last 24 hours. Currently, the coin trades at about $36.

Crypto lending platforms face pressures as a result of recent bearish trends in the crypto market. First, popular lending platform Celsius paused withdrawals because of extreme market conditions. A few days later, asset manager and crypto lender Babel Finance said it had to temporarily suspend redemptions and withdrawals.

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