The most outrageous community governance in history, how to evaluate the farce of Solend taking over the giant whale account?

On June 19th, Rooter, the founder of Solend, the Solana ecological lending agreement, posted on social media that a giant whale has a SOL deposit worth US$170 million and a Stablecoin debt position worth US$108 million on Solend. The chain reaction that may be brought about by the liquidation of the huge position amount of the agreement, Rooter shouted that he hoped that the giant whale would "repay the position as soon as possible"

Afterwards, unexpected Yes, the "decentralized financial agreement" Solend has proposed an amazing "decentralized governance proposal": Granting Solend Labs emergency powers to temporarily take over the whale's account to help it complete off-site manual liquidation, the tough move made the community instantly Fry the pan. Solend is able to justify itself in response to the proposal: If the whale is liquidated, it will be partially liquidated up to 20% of the outstanding loan amount (about 21 million US dollars). Most of the liquidators on Solend are DEX liquidity robots. A large-scale sell-off will further reduce the price of SOL and cause chain liquidation. Eventually, the liquidity of the agreement will dry up and even lead to bad debts.

But compared with the "dispute of gains and losses" of the solution, the community pays more attention to the "debate of reason" of the legitimacy of the solution.

"It's a farce," Well-known analyst Dylan LeClair said, "A decentralized agreement is now going to vote to take over a giant whale account, which is in vain decentralization."

Terra researcher FatMan opined, "Although for the safety and health of the protocol, Solend is acting at its own discretion. I really can't agree more with this At one point, it feels like a major violation - this is beyond the scope of the recommendation."

Encryption KOL Cobie  conducted a more intense Reverse ridicule, "New proposal: no longer liquidate giant whales alone, change to: Anyone who votes in favor can participate in dividing up the assets of giant whales."

CEO of Ava Labs, Avalan che founder Emin Gn Sirer reviewed the outline of the incident on the social networking site, and finally joked helplessly that Solend "re- Invented TradFi.

MakerDAO Certified Governance Participant Chris Blec  Multi-signature takeover of user accounts is condemned and users are advised to stay away from this agreement.

Chainlink community ambassador @ChainLinkGod questioned the project mechanism: Solend's mechanism design allows users to create borrowing positions that exceed the system's capacity. Yet on-chain liquidity is simply not enough to liquidate the proposed borrowing positions. Therefore, the proposal proposes that the project team take over this position and liquidate it through OTC. This behavior sets a bad precedent for DeFi and DAO governance, and is a poor attempt at community governance.

It is recommended that other DeFi projects take warning and do a good job in the risk control management of the agreement.

Founder of dForceYang MindaoIndicates that Solend's move will cause greater damage to Solana's online reputation. Regarding the large position holders in the proposal, Yang Mindao said that perhaps the giant whale The original intention is to use the Solend platform to "ship" to avoid large slippage in on-chain transactions.

Although the Solend community has submitted and approved The new proposal declares that the previous proposal is invalid, but it seems to be caused by the pressure of public opinion. BlockBeats will continue to focus on the issue of decentralized governance.

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