{"id":465613,"date":"2022-06-20T10:41:35","date_gmt":"2022-06-20T07:41:35","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/solend-invalidates-solana-whale-wallet-takeover-plan-with-second-governance-vote\/"},"modified":"2022-06-20T10:41:35","modified_gmt":"2022-06-20T07:41:35","slug":"solend-invalidates-solana-whale-wallet-takeover-plan-with-second-governance-vote","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/solend-invalidates-solana-whale-wallet-takeover-plan-with-second-governance-vote\/","title":{"rendered":"# Solend invalidates Solana whale wallet takeover plan with second governance vote"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2ee3b23ad83\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2ee3b23ad83\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/solend-invalidates-solana-whale-wallet-takeover-plan-with-second-governance-vote\/#%E2%80%9D_Solend_invalidates_Solana_whale_wallet_takeover_plan_with_second_governance_vote_%E2%80%9C\" >&#8221; Solend invalidates Solana whale wallet takeover plan with second governance vote &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Solend_invalidates_Solana_whale_wallet_takeover_plan_with_second_governance_vote_%E2%80%9C\"><\/span>&#8221; Solend invalidates Solana whale wallet takeover plan with second governance vote &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMTVkMzA1OGEtNjhkNC00YTk4LWI2MGUtMTIzOTI2OGI0NWViLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Solana-based decentralized finance (DeFi) lending protocol Solend has created another governance vote to invalidate the recently-<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved proposal that gives Solend Labs \u201cemergency powers\u201d to access a whale\u2019s wallet to avoid liquidation.\u00a0<\/p>\n<p>On Sunday, the crypto lending platform launched a governance vote titled \u201cSLND1 : Mitigate Risk From Whale.\u201d This allows Solend to reduce the risk that the whale\u2019s liquidation poses to the market by letting the lending platform access the whale\u2019s wallet and letting the liquidations happen over-the-counter (OTC). <\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/realms.today\/dao\/7sf3tcWm58vhtkJMwuw2P3T6UBX7UE5VKxPMnXJUZ1Hn\/proposal\/HuaL6cDtuNtfnJgvwMnYiZDHVCoLAuDtVFgJD8kYChJ4\">According<\/a> to Solend, if Solana (SOL) drops in price and the whale gets liquidated, the lending platform may \u201cend up with bad debt\u201d and strain the Solana network. The proposal was approved, triggering criticism from members of the community. <\/p>\n<p>As the community <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/lex_node\/status\/1538619072438411264\">condemned<\/a> the move, calling it the opposite of what DeFi should be and outright illegal, the Solend team initiated a second governance proposal vote to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/realms.today\/dao\/7sf3tcWm58vhtkJMwuw2P3T6UBX7UE5VKxPMnXJUZ1Hn\/proposal\/3geE5P3D7VJRaNNDVfZciGsXgwGiao1hSNpRM6jWNa5A\">invalidate<\/a> the previously-approved proposal. The proposal ended with 1,480,264 votes in favor of disregarding the SLND1 proposal. <\/p>\n<p>The new proposal invalidates the previous vote and will push Solend to find another solution that does not involve forcibly taking over an account. Additionally, it also increases the governance voting time to one day. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>SOL price trending toward yearly low as Solana TVL drops $870M in three days<\/em><\/strong><\/p>\n<p>The situation has put the crypto lending platform into a gruesome dilemma. If Solend succeeds at taking over the whale\u2019s wallet and being granted emergency powers, it may save SOL from a DeFi implosion. However, this will show that anyone\u2019s assets can be confiscated within the platform and can cause a boycott. Cryptokk.eth tweeted: <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">No matter what the team does, there is no way to change the fact that assets deposited into the platform can be confiscated by the team at any time.  Escape from the platform is the best way out.  At any time the team can tweet an announcement to forfeit your assets.<\/p>\n<p>\u2014 cryptokk.eth (L,3) (@Black_K168) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Black_K168\/status\/1538725572854984705?ref_src=twsrc%5Etfw\">June 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On the other hand, if the Solend team is not able to mitigate the risks surrounding the whale\u2019s account, some <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DeFi_Plug\/status\/1538695542791933953\">believe<\/a> that it can trigger a Solana meltdown, causing SOL\u2019s price to dump heavily.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/solend-invalidates-solana-whale-wallet-takeover-plan-with-second-governance-vote\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Solend invalidates Solana whale wallet takeover plan with second governance vote &#8220; Solana-based decentralized finance (DeFi) lending protocol Solend has created another governance vote to invalidate the recently-approved proposal that gives Solend Labs \u201cemergency powers\u201d to access a whale\u2019s wallet to avoid liquidation.\u00a0 On Sunday, the crypto lending platform launched a governance vote titled&#8230;<\/p>\n","protected":false},"author":1,"featured_media":465614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMTVkMzA1OGEtNjhkNC00YTk4LWI2MGUtMTIzOTI2OGI0NWViLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74868,92498],"class_list":["post-465613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-defi","tag-solana"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/465613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=465613"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/465613\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/465614"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=465613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=465613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=465613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}