Solana-Based Lending Platform Votes To Seize Whale's Funds To Prevent Instability

A leading lending platform on the Solana (SOL) blockchain says a governance proposal urging users to grant it emergency powers to potentially seize the crypto assets of its largest whale has passed. According to the governance proposal, Solend (SLND) also sought to impose special margin requirements for whales that have borrowed more than a fifth The post Solana-Based Lending Platform Votes To Seize Whale's Funds To Prevent Instability appeared first on The Daily Hodl.

Timeline of Solana

The Solend team has initiated a proposal to introduce a per-account borrow limit of $50 million. The limit will be rolled out gradually, starting with the per-account borrow limit at $120 million and reducing it till $50 million is reached.

Solana-based NFT marketplace of Magic Eden has raised $130 million in a Series B round at a $1.6 billion valuation. The funds will expand Magic Eden's primary and secondary marketplaces.

Non fungible tokens' (NFT) sales might have hit a hard rock since the beginning of this year. However, Solana based NFT marketplace, Magic Eden has bagged $130 million in a Series B funding round.

The Solana whale who came on the verge of getting liquidated last week has started moving their funds to mitigate risk to Solend. The post Solana whale shuffles $25 million to reduce risk to DeFi protocol Solend appeared first on The Block.

  The folks from the crypto town have been probing the credibility of Solana, ever since it had its first DDoS attack. Fast forward to this date, the top-tier blockchain has been a victim of a number of congestions and troubles. In a very recent event, Solana's lending and borrowing protocol Solend. Has been in question …

Solend's governance proposal overturned the vote to take over the risk-whale wallet and take over the DEFI lending protocol's wallet got invalidated after a follow-up vote as we can see more today in our latest cryptocurrency news. The decentralized autonomous organization governing Solend which is a Solana-based lending platform invalidated a previous vote which allow

The Solana-based marketplace for non-fungible tokens (NFTs) plans to launch on more blockchains in the near future. The post Solana-based NFT marketplace Magic Eden reaches $1.6 billion valuation appeared first on The Block.

As CoinGape reported, the Solana-based “decentralized” lending protocol Solend has been grappling to avoid a liquidity crisis amid the SOL price crashing and the whale accounts having huge margin calls. Earlier, the Solend protocol planned to overtake the whale accounts with emergency powers.

Two community proposals by Solana-based DeFi protocol Solend were voted on recently to mitigate risks from whales that operate on large margin positions. The post Solend Community Passes Counter Proposal After SLND1 Criticism; Forfeits Emergency Powers to Overtake Accounts appeared first on BeInCrypto.

The Solend team has done a one-eighty-degree turn on an approved proposal to take over a Solana whale account facing liquidation that could have strained the platform's liquidity. The team at Solend has explained that the decision to invalidate the first proposal was made due to community feedback and improved crypto market conditions.