Solana

DeFi

Solend

The flourishing Solana ecosystem and linked projects have caught under the light of controversies. Reports depict that the dispute involving <a href="https://news.todayq.com/defi-tokens-explained-types-use-cases-and-market-impact/" rel="noopener noreferrer nofollow">decentralized finance</a> (DeFi) lending platforms MarginFi, SolBlaze, and Solend has escalated even more. The matter has landed into a heated conflict with allegations of misconduct and misinformation from all parties. A big blow to the Solana ecosystem? 
Amid all these actions, Solana recorded a decline on the 7 days chart. SOL price has dropped by more than 8% in the last 7 days, however, it is still up by 17% in the last 30 days. Solana is trading at an average price of $173.39, at the press time. Its 24 hour trading volume took a hit of 6% to stand at $2.9 billion. SOL lost its position as the 4th biggest crypto with a market cap of $77.4 billion.
As per reports, MarginFi is facing allegations of failing to replenish BLZE token emissions for its users. It was supposed to be done over 8 days. It cited blockchain congestion and prioritizing user safety.
MacBrennan, the co-founder of the MRGN group, came ahead to defend MarginFi. He claimed that they consistently exceeded the required guidelines for BLZE lenders and borrowers. It covered the excess from personal funds. He disputed claims of the platforms’s failure over three weeks and labeled them as “completely wrong.”
The founder of Solend has also contributed to the controversy. He accused MarginFi of attempting to weaken Solend’s reputation within the crypto community. He even claimed that the DeFi platform spread false things about Solend’s total value locked (TVL). However, they have also criticized its oracle configuration.&nbsp; MarginFi in trouble? 
It is important to note that the MarginFi founder, Edgar Pavlovsky, had already announced his resignation from the MRGN group and related projects. He cited internal and external disagreements for his actions. On the safe side, MarginFi assured users of its continued operation despite Pavlovsky’s departure.
As reported, MarginFi recorded very high withdrawals amounting to more than $150 million in just 48 hours. The total TVL holding is approx $660 million. SolBlaze has provided updates on the matter with MarginFi committing to reimburse users. This will done for missing BLZE emissions and investigating reports of previous emission discrepancies.
The Solana ecosystem’s market cap is still up by 2% in the last 24 hours. It stands at $224 billion. Its 24 hour trading volumes dropped by more than 5% to stand at $70.6 billion.

MarginFi, Solend dispute sends shockwaves through Solana ecosystem

Todayq News

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