Solend to Reverse ‘Emergency Power’ Proposal in a Second Vote as Struggle to Solve Whale Liquidation Crisis Continues

Jun 20, 2022

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Solend to Reverse ‘Emergency Power’ Proposal in a Second Vote as Struggle to Solve Whale Liquidation Crisis Continues

Originally posted here.
By: Adewumi Victor

Overview

Solend, a Solana-based borrowing and lending platform, will go back to the ballot box in a flash vote on whether to go ahead with Sunday’s proposal to take control of the platform’s largest account. The Solana DeFi Protocol’s largest account is a $100 million+ whale’s account on the verge of potential on-chain liquidation.

The cryptocurrency borrowing and lending platforms for tokens such as SOL and USDC give its governance token holders six hours to vote on Sunday’s proposal. Voting “yea” on the platform would: 1. Invalidate Sunday’s first vote; 2. Extend voting periods to one day; …

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