Crisis Hits Solona Network

Solend, one of the lending platforms of the Solana blockchain network, is facing a potential liquidity crisis.

The Crisis Hits Solona Network. Solend, one of the largest DeFi platforms of the Solana network, reported that it was facing a liquidity crisis and decided to vote on the exchange of savings to solve the problem. Solend, where investors accumulated their SOL assets, borrowed assets such as USDC in return, a total of 454 million dollars of movement was experienced and 263 million dollars of assets were kept in savings, came to the last point. An investor on the platform has a total of 5.7 million SOL savings and in return has borrowed 108 million dollars in stable currency. The cause of the problem is that the investor's savings have a large margin position. If the SOL price drops too much, it becomes difficult for the platform to meet this liquidity. In the face of this emerging crisis, Solend decided to vote among users with administrative rights. As a result of the voting, the platform acquired the right to liquidate this investment in a one-to-one exchange for $20 million if the SOL price was $22.30. However, the number of those who oppose the vote is too large to be underestimated. When the current conditions are evaluated, the platform may go to a new vote.     Source: Hardware News