How the Solana community saved the network's decentralization

The terror of the total failure of the Terra Network still runs deep. While the entire crypto space is struggling with falling prices, one or the other network has to fear for its survival. Lending protocols like Celsius , BlockFi and Nexo have been particularly hard hit.

As the name suggests, the Solend platform is a decentralized lending platform on the Solana network. When it too was recently in danger of collapsing, SOL investors were very concerned. The concerns had triggered the realization that a Solana whale, which had 95 percent of the SOL tokens deposited in Solend in its wallet, was in danger of being liquidated. Not only would that have brought Solend to its knees, but it would also have put the multi-billion dollar SOL network itself in deep trouble.

The Solana whale account had an outstanding loan of $108 million in stablecoins USDC and USDT on the Solana lending protocol Solend. The whale's loan was in danger of being liquidated due to the falling Solana price, which had meanwhile fallen to a low of 28.54 US dollars. With devastating consequences for Solend: If the 21 million US dollars in Solana, which secured the loan, had been liquidated, SOL would hardly have been in the lending log.

To avert this scenario, the network co-founder “Rooter” launched the SLND1 proposal. That would have ensured that Solana would have taken control of the whale's account - and liquidated the collateral in an organized manner. An idea that went too far for most of the SOL community and raised questions about the decentralization of the network - the proposal was rejected.

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