🤯 Sunday - Solend has a brain explosion
🎒 Monday - xNFTs are announced
😴 Tuesday - Rest day
🦄 Wednesday - Magic Eden becomes a uni

🍬 The Good, The Bad, and The Ugly

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2022-06-24 11:30:17

🤯 Sunday - Solend has a brain explosion 🎒 Monday - xNFTs are announced 😴 Tuesday - Rest day 🦄 Wednesday - Magic Eden becomes a unicorn 📱 Thursday - Solana launches a mobile phone 🍬 Friday - SOL Sweet hits inboxes

Instead of letting things ride, they issue a governance proposal to take control of the whales account and execute the liquidation OTC (over the counter).

This would have a smaller impact on the price of SOL by avoiding dumping $20M of the token in one go. Happens all the time in traditional finance, I'm told.

“Enact special margin requirements for large whales that represent over 20% of borrows and grant emergency power to Solend Labs to temporarily take over the whale's account so the liquidation can be executed OTC.”

The vote passes 98% yes. But, one whale held a majority of the voting power. By the way, not the same whale that caused this mess.