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Over the weekend, the focus was very much on the fall in prices. With bitcoin losing the 20K floor it has regained after sailing below 19K and Ethereum below 1K the bearish voices became loud.

This price plunge seriously affected Celsius, 3AC, and some companies that have been much talked about during the week. But the news that is now the widespread debate has Solana as the protagonist. In a sudden and unexpected move, Solend Labs proposed to take control of the wallet of a "whale" to prevent its liquidation.

According to the proposal:

"If SOL drops to $22.30, the whale's account becomes liquidatable for up to 20% of its loans ($21 million)." The objective of the proposal is to take control of the whale account and conduct the liquidation through an over-the-counter (OTC) transaction.

The announcement and vote took place yesterday, June 19, with 97% voting in favor of taking control of the portfolio. So much for the facts

As expected, Twitter lit up and all sorts of opinions emerged. Twitter, that place full of bots that make you feel accompanied and scam rats that send you DMs to help you with your investments, be careful there guys!

Among the various opinions, there were two serious concerns, the main concern stemming from the performance of Solend Labs and the dangerous precedent that is created in DeFi taking control of a portfolio. This breaks with the principles of a decentralized economy. Another logical concern is the doubt that Solend sows, if the liquidation of that portfolio had triggered a cascade of liquidations, would it not be able to deal with them?

In any case, the decision has been made, but some decentralized economy enthusiasts believe that it would have been better for everyone if Solend had gone bankrupt and disappeared.

20 June actualization:

Thanks to fantomas18, I share this new votation that he posted in the comments:

Solana community steps back

This post was also published in read.cash by me, The Crazy Dude. If you liked follow me to see more like this!

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