Solend Launches 2nd Vote Amid Solana Decentralization Reactions

Solana’s lending platform, Solend, sought to use emergency authorization but could not get approval. The company aims to salvage the position with a second offer.

Solana’s lending and lending service provider platform Solend is the platform’s largest whale against liquidation risk. He had started an offer to use his account. Solend, the reason for this is that the whale’s large probability of margin position being liquidated as showed.

To Solend Labs if the management vote is approved. right to use the whale’s assets would be given.

It is stated that this large whale has borrowed $108 million for 5.7 million SOL. whale on platform 95% of the pool Moreover USDC asset in 88% of holds it. The whale’s account will be liquidated in Solana’s 22.8 state.

The company said in a statement to reduce the risk of the whale. tried to contact but a communication Said they couldn’t.

After these transactions, it was concluded that Solend could not use the emergency authority last Sunday.

While the proposal was voted yes with a 99.8% majority, the company said in a statement, “We will be working on a proposal that does not include emergency powers to take over an account.” said.

To invalidate the vote More than 700 thousand dollars were voted While the community and the leading names of the cryptocurrency market think that this vote, a move by Solend will cast a shadow over Solana’s decentralization.

Solend after backlash from key people like Binance and AVAX CEOs start a new vote he planned.

Solend, with one more proposal, aims to override the previous vote. If the company does not take over the account, the Solana price will decrease drastically is thinking. Also, Solend, voting time took 1 dayI and the possibility that regular users cannot withdraw USDC. voting taking into account said it should.

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