Solend Passes Governance Proposal Invalidating Emergency Power

Solend, a lending protocol based on Solana, has passed governance proposal SLND2 that invalidates the controversial “emergency power/” proposal from Sunday. It will also give the team time to take less drastic measures on a large on-chain liquidation.

The anonymous wallet at the heart of the crisis had deposited 95% of Solend’s entire SOL pool and represented 88% of USDC borrows. But Solend’s single-largest user came dangerously close to a massive margin call with SOL’s cratering price.


Sign Up for NextBigWhat Newsletter