Solend Network: Will a new vote, proposal mean differing fortunes for SLND
On 19 June, Solend Protocol, a DeFi network used for borrowing and lending crypto-assets such as Solana [SOL], was hit by a liquidation crisis.
The crisis came around due to fears of liquidation that would hit Solana decentralized exchanges if the whale that had deposited 95% of Solend’s entire SOL pool got liquidated.Since attempts to contact the whale fell through, users of Solend voted in support of a proposal to “enact special margin requirements for large whales that represent over 20% of borrows and grant emergency power to Solend Labs to temporarily take over the whale’s account so the liquidation can be executed OTC.”As the rest of the cryptocurrency market recorded gains over the last 24 hours, the Solend Network’s native token – SLND – was up for some losses.
Read more on ambcrypto.com
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