Solend

Imagine you wake up one morning to find that your DeFi lending protocol is on the verge of a liquidation. “What’s the big deal? Liquidations happen all the time,” you say.No big deal except it could trigger a chain of events that would potentially collapse a whole blockchain and render a cryptocurrency useless.“How did this happen again?”Long story short,  you loaned 95% of your crypto deposits to a single whale.“Is this for real?”Yep. That’s what happened to Solend, Solana’s largest lending DeFi protocol when Sol’s value…

Vishal Chawla / The Block: Solend Labs, a “decentralized” borrowing and lending protocol on Solana, overturns a controversial vote to commandeer a whale's account and regain ~5.7M SOL — - Solend has invalidated yesterday's controversial DAO decision to take over its largest user account. Vishal Chawla / The Block: Solend Labs, a “decentralized” borrowing and lending protocol on Solana, overturns a controversial vote to commandeer a whale's account and regain ~5.7M SOL …

The logo of cryptocurrency platform Solana.Jakub Porzycki | NurPhoto via | Getty ImagesDecentralized finance platforms are going to extreme lengths to limit the fallout from a sell-off in cryptocurrencies.Solend, a lending platform built on the Solana blockchain, tried to gain control of its largest account, a so-called "whale" investor that it said could significantly influence market movements. Solend's users have since voted to block the move.What is Solend?Solend is a DeFi app that lets users borrow and lend funds…

Danny Nelson / CoinDesk: Solend Labs, a “decentralized” borrowing and lending protocol on Solana, votes to take over an account that deposited 5.7M SOL, over 95% of the pool's deposits — Solend users voted to “grant emergency power to Solend Labs to temporarily take over the whale's account.” Danny Nelson / CoinDesk: Solend Labs, a “decentralized” borrowing and lending protocol on Solana, votes to take over an account that deposited 5.7M SOL, over 95% of the…