Where is the decentralization if DEFI companies are just controlling everything?

The Solend team wants to take over the whale’s account and execute the liquidation themselves. The whale’s position is so degenerate that if SOL drops too low it will create cascading liquidations across the DEX books (and potentially bad debt). “DeFi”

Here are the facts:

  • The ‘DAO’ was spun up less than 24-hours ago
  • 98% of the yes votes came from 1 unidentified whale wallet
  • They gave their users LESS than 6-hours to vote
  • The voting site was DOWN for 3-hours of the vote This is ANYTHING other than decentralised.

@solendprotocol

, a supposed “decentralized” lending protocol built on Solana has “voted” to take over a whales account with emergency powers to eliminate the chance of forced liquidation. “Decentralized” in name only.

Photo by Tezos on Unsplash

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