A large wallet at the center of the governance drama at Solana lending protocol solendprotocol started to move millions of dollars worth of cryptocurrencies this morning. By shauryamalwa
The anonymous wallet had deposited 95% of Solend’s pool of SOL tokens and represented 88% of USDC borrowing, but came close to a margin call last week as theThe protocol would have automatically liquidated up to 20% of the whale’s collateral if SOL hit $22.30, and potentially led to damage in the broader Solana ecosystem. A governance vote was floated by protocol developers to take control of the account and take adequate risk management steps.
The wallet’s actions Tuesday came as the SOL price rose by 12% over 24 hours to hit $37. This means the liquidation levels are far below current levels, allowing the wallet’s user to take necessary steps to prevent unforeseen damages in the case of liquidation.
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