Decentralized finance lending platform Solend tried to fend off the effects of the crypto meltdown at the weekend when 97.5 percent of its users voted to give it emergency powers to liquidate its largest customer account. A second vote held today reversed the first.
Despite our efforts, we've been unable to get the whale to reduce their risk, or even get in contact with them
Solend, which allows users to deposit cryptocurrencies for lending to other users, has one "whale" responsible for 95 percent of the SOL cryptocurrency deposited on its platform (worth $107 million). The same user has borrowed 88 percent of available USDC, a stablecoin pegged to the US dollar. All said, the account has borrowed around $108 million in USDC and Ethereum. According to Solend's website, it has lent a total of $195 million in crypto assets.
"Despite our efforts, we've been unable to get the whale to reduce their risk, or even get in contact with them," Solend said in its vote proposal.
The successful...
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