{"id":30565,"date":"2022-06-22T05:07:03","date_gmt":"2022-06-22T09:07:03","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=30565"},"modified":"2022-06-22T05:07:14","modified_gmt":"2022-06-22T09:07:14","slug":"solana-whale-transfers-25-million-of-usdc-debt-from-solend-to-mango-markets","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/solana-whale-transfers-25-million-of-usdc-debt-from-solend-to-mango-markets\/","title":{"rendered":"Solana Whale Transfers $25 Million Of USDC Debt From Solend To Mango Markets"},"content":{"rendered":"\n
As a result of the change, the Solend<\/a> platform will utilize less USDC and users will be able to withdraw their funds once again.<\/h5>\n\n\n\n
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The Solana (SOL<\/a>) whale, which was threatened by a recent Solend governance decision, has contacted the lending protocol and transferred $25 million in USD Coin (USDC<\/a>) debt to Mango Markets.<\/p>\n\n\n\n

Solend said\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> in a tweet that the whale<\/use><\/svg><\/span><\/a> has taken the team's advice and moved its stance across multiple lending methods. The measure reduces the use of USDC within Solend, allowing consumers to withdraw their assets again.<\/p>\n\n\n\n

While the change appears to be a band-aid solution to a larger liquidation problem, the Solend team stated<\/use><\/svg><\/span><\/a> that they are working with the whale and the Mango team to develop a better long-term solution to the fundamental issue.<\/p>\n\n\n\n

Aside from that, the lending protocol has also passed<\/use><\/svg><\/span><\/a> another governance vote, lowering the account borrow maximum from USD 120 million to $50 million.<\/p>\n\n\n\n

Debts exceeding the new ceiling will be liquidated, regardless of collateral value.<\/p>\n\n\n\n

The protocol has also decreased the amount that can be liquidated in a single transaction by lowering its maximum liquidation close factor to 1%. It also reduced the liquidation penalty for Solana from 5% to 2%. Both reductions are temporary and may be changed once the whale crisis is resolved.<\/p>\n\n\n\n

On June 19, the Solend lending platform was chastised for its SLND1 governance vote, which intends to seize the whale's wallet to limit risks. The vote has a 97 percent approval rating. However, many people were outraged since the move violated decentralization principles.<\/p>\n\n\n\n

Because of the negative reaction to the initial step, the lending platform decided to hold a second governance vote to nullify SLND1. The second proposal was passed, with 1,480,264 people voting to reject the wallet takeover plan.<\/p>\n","protected":false},"excerpt":{"rendered":"

As a result of the change, the Solend platform will utilize less USDC and users will be able to withdraw their funds once again. The Solana (SOL) whale, which was threatened by a recent Solend governance decision, has contacted the lending protocol and transferred $25 million in USD Coin (USDC) debt to Mango Markets. Solend […]<\/p>\n","protected":false},"author":33,"featured_media":30568,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-30565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/solana-network-blockchain-gID_6.jpeg-1.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/30565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=30565"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/30565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/30568"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=30565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=30565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=30565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}