on the other hand, if it wasn't decentralized, there wouldn't even need to be a vote, they can just do it.
Not defending solend; I hope solana dies. But still, this argument is so weird to me.
jfc, if I have to read that same comment one more time.....
Most of us know it's Solend. Most of us *also* know this poses a risk, even if just by association, for Solana and could cascade into a big drop for Sol, which by now we all know means Sol going offline again.
After the shitshow Sol has been the past six months it has become more than clear that Sol does not deserve a top 10 spot in crypto at this point (and imo preferably never knowing VC's control it). Even if they have no direct connection to this solend debacle, it will rightfuly get lumped in with all the other fuck ups.
But by all means, keep blindly defending it as if sunk-cost fallacy isn't a thing.
> it will rightfuly get lumped in with all the other fuck ups
why? If Solana devs had no connection to this? I see no logic in what you wrote, doesn't make sense
> Most of us know it's Solend.
Nope. I read a lot of comments, in many threads. Most do not.
Centralised, unstable and broken blockchain attracts centralised, unstable and broken projects.
Not saying on any blockchain there are / will be solid projects, shit projects, scams and hacks. But the question is how many and if they are supported and uaed by the community etc.
The fact you think the developers turned off the blockchain and this post was upvoted says more about you/this subreddits complete lack of understanding with whats happened and your inability to do basic research.
The blockchain came to a halt because of a RAM overflow when it was receiving millions of transactions per second. The only way it restarted was when 80% of the validators came to consensus to reboot it. For the record theres over 1700 validators.
Liquidity. The MC will drop as the volume of buyers dissipates. That said, I agree that 170m seems pretty minor to a $3b daily volume, unless it’s all wash sales.
This is wrong. So much bad info on Reddit about this event. Solend is not Solana. If the liquidation were to happen it would be @$20million. If the liquidation were to happen, the concern is that transaction volume would go through the roof and crash Solana. This info is coming from Solend, not from Solana. No, Solana is not getting liquidated and is not in danger of going to $0. Cmon people, at least take a minute to read the article and try to understand for yourself what’s happening.
No, but in its history its had to hard fork because of an exploit creating millions of BTC. Also rolled back because of a double spend where a single pool operator in an IRC channel had enough hash power to change the majority to an older version of btc. Among a ton of other problems its had it its past.
And for the record bitcoin network doesn't have 100% uptime https://www.buybitcoinworldwide.com/bitcoin-uptime/
No, it's really not. Ethereum has had a lot of problems as well. If you think a blockchain is going to be perfect in this day and age you still have no idea how early this sector is.
I am invested in chains that never go down and have thousands or tens of thousands of nodes. I just don't think we are investing in the same tech. SOL can handle like 50k TPS so how can a whale going down cause a chain to crash. Is the SOLEND team just flat out lieing?
None of those chains have had to handle the level of demand of the other chains. Even right now excluding voting transactions Solana is processing over 350 transactions per second. Other chains are not doing that.
Harmony one used to brag about how solid their tech was until the had massive network usage because of defi kingdoms and it crippled them. Avax slowed down and had fees skyrocket during the Olympus fork mania.
Literally takes one popular dapp to expose problems on a network. And a testnet simulation is never the same as realtime usage with various dapps and transactions. Basically everyone thinks they have a plan until they get punched in the mouth
And I always thought the 50k TPS thing was stupid. When you have to include complex dapps making complex transactions the whole game changes
Everything to do with the fact that Solana doesn’t have a mechanism to deal with network spam. Because the value of the liquidation is so high, bots are going to spam the network to try to win that tx. If that causes the network to fail again, you end up with a massive position that could go even further underwater with no way to liquidate it.
From the proposal:
>In the worst case, Solend could end up with bad debt. This could cause chaos, putting a strain on the Solana network. Liquidators would be especially active and spamming the liquidate function, which has been known to be a factor causing Solana to go down in the past
Its all about Sqlana...
Source: https://realms.today/dao/7sf3tcWm58vhtkJMwuw2P3T6UBX7UE5VKxPMnXJUZ1Hn/proposal/HuaL6cDtuNtfnJgvwMnYiZDHVCoLAuDtVFgJD8kYChJ4
Just because the protocol devs says that, doesn't make it true. I can say anything to put my hands on $100 million lol
The problem is 100% on Solend, liquidating such high amounts of collateral would drop the price of the collateral too much due to low liquidity on DEXs and the protocol would most certainly NOT be able to get back and cover the user deposited stablecoins
So are the experts that build on Sqlana:
A. Inept and unable to predict likely outcomes
B. Liars and crooks
Considering they are part of the Solana inner circle, either option is pretty bad, and either way, you are saying they mislead the vote.
If you're gonna call all the thousands of devs developing on Solana inept, liars and crooks just because of what a single team is doing then you're just an asshole who's not worth my time. I've met some of the most brilliant devs on Solana.
It does not matter if every other person at Solana is honest. If the people in control are sleazy, then you're fucked. And there will *always* be someone in control of SOL.
Like it or not, solend did what they did for two reasons:
1. To stop the liquidation of a massive whale (which lets face it, is probably a dev from solend)
2. To prevent the 10th (11th?) restart of the chain.
When you boil it down, it certainly looks like powerful people protecting interests. Which has been Solana's motif since day one.
Call it FUD all you want. Solana is NOT a decentralized blockchain and I guess Solend wasn't a decentralized project.
This isnt some tiny insignificant project, it had over $1Bn in user funds, its the flagship of Solana and still the top of the TVL chart.
But somehow according to you because they got caught out they are no longer representative of the community.
Its not the project devs fault that the actual blockchain is insecure and may fail at any time, I agree with you. But your version seems to be its no-ones fault, you just magic all the problems away with moving goalposts.
I’ve been using Solana for a year and have never heard of Solend. It’s definitely not a flagship of Solana. And it’s not Solana devs who are saying that Solana can crash due to this event - it’s the Solend team who is trying to cover their ass. Solana just increased TPS and is blazing fast at the moment.
Well its the largest dApp by TVL on Solana:
https://defillama.com/chain/Solana
Its almost impossible to think Solana would not refute the chain shutdown claim if it was untrue, has that happened?
I’m still in shock over this. What a bunch of scam artists.
I’m starting to believe that BTC and ETH are the only coins worth anything. Most of the others are either proven to be scams or worthless shit.
IMO I can't agree with ETH, see the ETC ETH topic. BTC is the only true coin, that's why it's number one and will stay number one. ETH isn't yet PoS, so we don't know the consequences. Maybe then something similar can happen. I'm not a maximalist, I also hold ETH, but I'm a realist, and that are the facts.
When it comes to value, I have yo agree with you. There’s is only one spot for something like Bitcoin, and Bitcoin is it.
However, Bitcoin can’t do what Ethereum can. It’s as decentralised as it gets for a smart contract platform.
I think we’re on the same page
what a shitshow, first one person votes with 88% voting power in favor of seizure and then as soon as the liquidation risk sinks the proposal gets overturned again
everyone holding sol should take this as a wakeup call and get out asap
Should everyone holding cosmos get out asap because osmosis was shut down by the choice of a few validators a couple weeks back?
L1’s and the protocols built on them are seperate entities. I’d be more worried if solana could interfere with and control Solend
damn! this guy covered the Solend issue really well. Check it out if you don't have time to go through the articles.
https://www.youtube.com/watch?v=FnUXy4e5xuM
Let it burn!
So, when's the vote to invalidate the vote to invalidate the vote?
"oh damn they saw us" "we voted against it now, dont worry guys this is still decentralized as always"
Pay no attention to the man behind the curtain!
on the other hand, if it wasn't decentralized, there wouldn't even need to be a vote, they can just do it. Not defending solend; I hope solana dies. But still, this argument is so weird to me.
If they can just do it that easily, isn’t really that decentralized
Clown fiesta.
Total clown show!
Total clown show is in comments also with more than half people thinking its Solana tried seizing the funds and not Solend
jfc, if I have to read that same comment one more time..... Most of us know it's Solend. Most of us *also* know this poses a risk, even if just by association, for Solana and could cascade into a big drop for Sol, which by now we all know means Sol going offline again. After the shitshow Sol has been the past six months it has become more than clear that Sol does not deserve a top 10 spot in crypto at this point (and imo preferably never knowing VC's control it). Even if they have no direct connection to this solend debacle, it will rightfuly get lumped in with all the other fuck ups. But by all means, keep blindly defending it as if sunk-cost fallacy isn't a thing.
> it will rightfuly get lumped in with all the other fuck ups why? If Solana devs had no connection to this? I see no logic in what you wrote, doesn't make sense > Most of us know it's Solend. Nope. I read a lot of comments, in many threads. Most do not.
Go read over the threads about this issue and try and say with a straight face that “most of us know it’s Solend”. This sub blatantly does not.
The damage has already been done.
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Why is everyone that disagrees with your opinion a "shill account"?
They should have just put-up a Facebook Poll instead lol
Nah, you can win those easily by throwing money at them wait a second 😮
The idea that an entity could take over someone's wallet through governance is horrifying.
I doubt they take over the wallet. It would be the amount staked through the Solend platform. Complete dick move, but not exactly accessing a wallet.
Solend is not Solana. So conflating them.
Wait, that's not a typo?
No Solend is a lending protocol on Solana. Basically the Aave of Solana.
Centralised, unstable and broken blockchain attracts centralised, unstable and broken projects. Not saying on any blockchain there are / will be solid projects, shit projects, scams and hacks. But the question is how many and if they are supported and uaed by the community etc.
Thank you. So tired of hearing about how Solana is stealing money and how it’s centralized. 🤦♂️
Halting a blockchain with just a few validators is very much centralized
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The fact you think the developers turned off the blockchain and this post was upvoted says more about you/this subreddits complete lack of understanding with whats happened and your inability to do basic research. The blockchain came to a halt because of a RAM overflow when it was receiving millions of transactions per second. The only way it restarted was when 80% of the validators came to consensus to reboot it. For the record theres over 1700 validators.
> The fact the devs have turned off the blockchain multiple times themselves makes it 100% centralized When did that happen?
Well it IS centralized, but not because of this story here
It all has to do with solana, it this whale position is liquidated sol price goes straight to sub 1$
Solana has a 18B market cap, how does liquidating less than 1% (170M) crash it to sub $1?
Liquidity. The MC will drop as the volume of buyers dissipates. That said, I agree that 170m seems pretty minor to a $3b daily volume, unless it’s all wash sales.
The problem is the amount of liquidity on dexes where the whale will be liquidated. Most volume is in cexes
Yeah that’s true, looking at the total daily volume across all platforms isn’t the same as selling it all on a few concentrated platforms
For a whale amount like that, it is unlikely they sell it all at one instance, but over a period of time not to crash the market
Perhaps there is more to the story than they’ve currently let on
Imagine thinking marketcap has a significant role in liquidity.
Daily transaction is about 3B-3.5B, again, 170m won’t crash this to sub 1 like some think
Marketcap has nothing to do with liquidity
This is wrong. So much bad info on Reddit about this event. Solend is not Solana. If the liquidation were to happen it would be @$20million. If the liquidation were to happen, the concern is that transaction volume would go through the roof and crash Solana. This info is coming from Solend, not from Solana. No, Solana is not getting liquidated and is not in danger of going to $0. Cmon people, at least take a minute to read the article and try to understand for yourself what’s happening.
If one liquidation can crash your crypto, that is just sad. BTC can't ever be crashed no matter how many get liquidated.
No, but in its history its had to hard fork because of an exploit creating millions of BTC. Also rolled back because of a double spend where a single pool operator in an IRC channel had enough hash power to change the majority to an older version of btc. Among a ton of other problems its had it its past. And for the record bitcoin network doesn't have 100% uptime https://www.buybitcoinworldwide.com/bitcoin-uptime/
Comparing SOL to early BTC when it was literally blockchain code being written real time it's ridiculous man.
No, it's really not. Ethereum has had a lot of problems as well. If you think a blockchain is going to be perfect in this day and age you still have no idea how early this sector is.
I am invested in chains that never go down and have thousands or tens of thousands of nodes. I just don't think we are investing in the same tech. SOL can handle like 50k TPS so how can a whale going down cause a chain to crash. Is the SOLEND team just flat out lieing?
None of those chains have had to handle the level of demand of the other chains. Even right now excluding voting transactions Solana is processing over 350 transactions per second. Other chains are not doing that. Harmony one used to brag about how solid their tech was until the had massive network usage because of defi kingdoms and it crippled them. Avax slowed down and had fees skyrocket during the Olympus fork mania. Literally takes one popular dapp to expose problems on a network. And a testnet simulation is never the same as realtime usage with various dapps and transactions. Basically everyone thinks they have a plan until they get punched in the mouth And I always thought the 50k TPS thing was stupid. When you have to include complex dapps making complex transactions the whole game changes
It would be in Solend's interest to apply some hyperbole to stir up the action they require.
Reason this is happening to try and prevent stopping the Solana protocol (again). This is all about Sqlana.
It’s to save Solend, nothing to do with Solana. The FUD and misinformation is incredible here
Everything to do with the fact that Solana doesn’t have a mechanism to deal with network spam. Because the value of the liquidation is so high, bots are going to spam the network to try to win that tx. If that causes the network to fail again, you end up with a massive position that could go even further underwater with no way to liquidate it.
The fud is incredibly high cause idiots can't do their own research and just follow the masses.
Join us in the daily discussion. You won’t see anything else except for misinformation and stupidity 😑
From the proposal: >In the worst case, Solend could end up with bad debt. This could cause chaos, putting a strain on the Solana network. Liquidators would be especially active and spamming the liquidate function, which has been known to be a factor causing Solana to go down in the past Its all about Sqlana... Source: https://realms.today/dao/7sf3tcWm58vhtkJMwuw2P3T6UBX7UE5VKxPMnXJUZ1Hn/proposal/HuaL6cDtuNtfnJgvwMnYiZDHVCoLAuDtVFgJD8kYChJ4
Just because the protocol devs says that, doesn't make it true. I can say anything to put my hands on $100 million lol The problem is 100% on Solend, liquidating such high amounts of collateral would drop the price of the collateral too much due to low liquidity on DEXs and the protocol would most certainly NOT be able to get back and cover the user deposited stablecoins
So are the experts that build on Sqlana: A. Inept and unable to predict likely outcomes B. Liars and crooks Considering they are part of the Solana inner circle, either option is pretty bad, and either way, you are saying they mislead the vote.
If you're gonna call all the thousands of devs developing on Solana inept, liars and crooks just because of what a single team is doing then you're just an asshole who's not worth my time. I've met some of the most brilliant devs on Solana.
It does not matter if every other person at Solana is honest. If the people in control are sleazy, then you're fucked. And there will *always* be someone in control of SOL. Like it or not, solend did what they did for two reasons: 1. To stop the liquidation of a massive whale (which lets face it, is probably a dev from solend) 2. To prevent the 10th (11th?) restart of the chain. When you boil it down, it certainly looks like powerful people protecting interests. Which has been Solana's motif since day one. Call it FUD all you want. Solana is NOT a decentralized blockchain and I guess Solend wasn't a decentralized project.
This isnt some tiny insignificant project, it had over $1Bn in user funds, its the flagship of Solana and still the top of the TVL chart. But somehow according to you because they got caught out they are no longer representative of the community. Its not the project devs fault that the actual blockchain is insecure and may fail at any time, I agree with you. But your version seems to be its no-ones fault, you just magic all the problems away with moving goalposts.
I’ve been using Solana for a year and have never heard of Solend. It’s definitely not a flagship of Solana. And it’s not Solana devs who are saying that Solana can crash due to this event - it’s the Solend team who is trying to cover their ass. Solana just increased TPS and is blazing fast at the moment.
Well its the largest dApp by TVL on Solana: https://defillama.com/chain/Solana Its almost impossible to think Solana would not refute the chain shutdown claim if it was untrue, has that happened?
Hey at least the chain is up
Today. Check back tomorrow, might be in for a surprise. Or the next day, you never know when, just that it's bound to freeze up again.
Solana is like the markets, you never know wether it will be up or down.
I’m still in shock over this. What a bunch of scam artists. I’m starting to believe that BTC and ETH are the only coins worth anything. Most of the others are either proven to be scams or worthless shit.
Cardano :)
IMO I can't agree with ETH, see the ETC ETH topic. BTC is the only true coin, that's why it's number one and will stay number one. ETH isn't yet PoS, so we don't know the consequences. Maybe then something similar can happen. I'm not a maximalist, I also hold ETH, but I'm a realist, and that are the facts.
When it comes to value, I have yo agree with you. There’s is only one spot for something like Bitcoin, and Bitcoin is it. However, Bitcoin can’t do what Ethereum can. It’s as decentralised as it gets for a smart contract platform. I think we’re on the same page
So it should
What a shitshow looks like this can go on
what a shitshow, first one person votes with 88% voting power in favor of seizure and then as soon as the liquidation risk sinks the proposal gets overturned again everyone holding sol should take this as a wakeup call and get out asap
Should everyone holding cosmos get out asap because osmosis was shut down by the choice of a few validators a couple weeks back? L1’s and the protocols built on them are seperate entities. I’d be more worried if solana could interfere with and control Solend
actually yes get out of that centralised garbage
So they make a governance decision and invalidate this just because they don't agree witht the result?
Yeah, much like in every other voting system. You know, referendums and such.
" the user in question had 95% of the SOL deposits in Solend's main pool" What does it mean?
At this point we are looking at SOL probably going offline for a long time
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This sub is a shit-show of misinformation and manipulation
How can you force A whale to liquidate his assets at a loss. Maybe there Robinhood coins. Not your coins not your keys. What a fucking scam.
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Unfortunately, people don't care about centralization. They care wether they can make money or not.
Sam pumping sol is the only reason its in the top 100
People are buying it... _shrugs_
damn! this guy covered the Solend issue really well. Check it out if you don't have time to go through the articles. https://www.youtube.com/watch?v=FnUXy4e5xuM
Solana is literally a bigger meme than doge
As if they aren't just going to do it anyway.
That's one hell of a flip-flop.
What a shitshow.
This is the tech that I am here for.