Solend’s Users Invalidate Votes to Briefly Control a Whale Account

Yesterday, Solend users voted yes to take control of the largest whale account. Governance proposal SLND1 was passed with 97.5% voters saying yes. Due to criticisms, the Solend team posted a new proposal today to invalidate SLND1. SLND2 passed with over 99.8% who voted yes. Users of Solend, a lending and borrowing service platform based on Solana, voted yes to control the largest whale account to mitigate liquidation risks amid crypto meltdown on June 19. The governance proposal was caused by the fact that the whale account and its massive margin position were presenting a threat to an on-chain liquidation.