Solend is now voting to reverse their previous proposal and NOT interfere with the $170 million SOL position

It looks like the Solend team has realized how bad their previous proposal makes them look and are now trying to reverse it. Here’s the content of the new proposal:

We’ve been listening to your criticisms about SLND1 and the way in which it was conducted. The price of SOL has been steadily increasing, buying us some time to gather more feedback and consider alternatives.

We propose to:

* Invalidate the last proposal
* Increase governance voting time to 1 day
* Work on a new proposal that does not involve emergency powers to take over an account

We recognize that a voting time of 1 day is still short, but we need to act swiftly to address the systemic risk and fact that normal users can’t withdraw USDC. We ask our community to be active in governance in the next few days. Voting time will be revisited in a future proposal.

We’re committed to protecting user funds, transparency, and doing what’s right.

[Link to new Proposal](

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13 thoughts on “Solend is now voting to reverse their previous proposal and NOT interfere with the $170 million SOL position”

  1. In the passed proposal, are there stats on how many wallets (i.e. number, not weighted by holdings) voted Yes and No?

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  2. 🤣🤣🤣🤣This is top rated comedy.

    Do they scrutinize these proposals thoroughly or just put it up once it comes to their head.

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  3. One account has 95% of all deposited SOL and 88% of all borrowed USDC. This position has 5% of ALL circulating SOL and letting it be liquidated normally would dump 1% of SOL on the network at any price, and probably crash the network too. It would be a catastrophe that would hurt everybody else who owns SOL and would be yet another screwup making defi look terrible right now.

    If we can prevent that, why not? “Code is law” is not a reason. Ethereum did a hard fork because they decided the community’s long-term survival is law, not stupid code. And I bet most people saying “code is law” here own ETH and not ETC.

    This sort of thing is completely normal in tradfi and not because they’re corrupt, but because nobody wants positions this large to go to a fire sale unless you want to burn the whole thing down.

    EDIT: Wow, apparently we want to burn the whole ecosystem down rather than violate the tenets of Defi. Wonderful. Will be selling my SOL. I still bet most of you own ETH and not ETC.

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  4. It is beyond a shit solution out the gate but yet they put it to a governance vote any way. Passes. Now they want to go against their own proposal they put out to vote on…

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