Crypto protocol tries to take over R3.3 billion deposit with "emergency powers" — reverses after backlash
The record-setting rout in cryptocurrencies has put a slew of decentralized-finance applications and their communities in a race to protect themselves against a cascade of liquidations — sometimes by employing unprecedented measures.
On Sunday, token holders of Solend, a lending app on the Solana blockchain, voted to temporarily take over a large user’s account that faced the threat of a large liquidation, an extreme move for DeFi that appears to be a first. That decision was reversed in a second vote on Monday.
The record-setting rout in cryptocurrencies has put a slew of decentralized-finance applications and their communities in a race to protect themselves against a cascade of liquidations — sometimes by employing unprecedented measures.
On Sunday, token holders of Solend, a lending app on the Solana blockchain, voted to temporarily take over a large user’s account that faced the threat of a large liquidation, an extreme move for DeFi that appears to be a first. That decision was reversed in a second vote on Monday.
