Solend, a Solana based platform has recently offered its users to vote for a proposal that will liquidate whale wallets. With 95% of the Solana tokens now in the whale’s wallet will take a decision democratically.
The lending platform has over a billion dollars worth in deposits and has suggested a vote. With DeFi and equality at the core of crypto, it doesn’t make sense for someone to own 95% of the tokens. The users will be able to vote on whether to withdraw the whale’s wallet, rather than the wallet being liquidated.
Each of the voters has been incentivized with 50k SLND which will be distributed amongst the voters via airdrop proportionally. On June 19th Solend had tried to contact the owner and gave them 7 hours to respond. But since then they have reached out to the whale multiple times. But to no avail.
As of now, the wallet has 95% SOL deposit and also 88% of the USDC borrows, it is the most significant account on the platform by a big margin. But with concerns to liquidity and given the volatility of the market, it could be trouble for the platform.
But Solend thinks that a $21 million sale on its blockchain with the cap of $11 billion in a day should do the trick. Also, the trading volume will be $2.1 billion. This should be able to mitigate all the bad debt for Solend and help them with risk management.