Solend, a lending and borrowing protocol on Solana, has reversed yesterday’s controversial DAO decision to take control of its largest user account. A new governance vote has passed that invalidates yesterday’s move, with 99% of the votes supporting the new decision.
This all started when, on Sunday, the Solend team put up a governance vote asking to take over a large user loan in order to prevent a on-chain liquidation event.
The issue was that an unknown user held a $108 million stablecoin loan collateralized by 5.7 million Solana (SOL) tokens ($170 million) on Solend. 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.
The main problem was that if the price of SOL dropped to $22.30, the whale’s account would be liquidated.
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.
The team suggested that rather than a protocol liquidation, the loan should be wound up via an over the counter (OTC) deal. The Solend governance system then hurriedly passed a vote that gave the team full power to confiscate the user’s position. In this vote, 88% of the voting power came from a single address.
后来在社交媒体上，治理决定受到了许多评论员的批评，他们指责该团队破坏了权力下放的精神。 作为回应，该团队今天表示已注意到批评，并提出了第二项提案，试图使昨天的决定无效。 DAO 今天以 99% 的票数投票赞成使最后一个提案无效。
“我们一直在听取您对 SLND1 及其实施方式的批评。 SOL 的价格一直在稳步上涨，这为我们争取了一些时间来收集更多反馈并考虑替代方案，”Solend 团队写道。
