About our Solend news
Latest news on Solend, a decentralized lending platform that is built on the Solana blockchain. The company recently tried to take control of one of its largest accounts, which they refer to as a 'whale' investor. This move was met with backlash from the community, and Solend's users have since voted to block the move.
The account in question had deposited 5.7 million sol tokens into Solend, which accounts for more than 95% of all deposits. This account was also borrowing $108 million in stablecoins USDC and ether. If the price of sol were to sink below $22.30, then 20% of the account's collateral, which is about $21 million, would be at risk of being liquidated.
Solend said that the measure would allow them to liquidate the whale's assets via 'over-the-counter' transactions, rather than on-exchange trades, in order to avoid a possible cascade of liquidations. However, this move led to a backlash on Twitter, with some questioning Solend's decentralisation.