Solana Projects Clash
Solana-based lending protocols MarginFi and Solend, along with liquid staking platform SolBlaze, have been embroiled in a public dispute. SolBlaze accused MarginFi of failing to replenish BLZE tokens in their rewards system for three weeks. MarginFi denied the claims, saying the issue had only been ongoing for eight days due to network congestion.
MarginFi CEO Resigns
Amid the drama, MarginFi CEO Edgar Pavlovsky made controversial statements on social media, leading to his resignation. Pavlovsky cited disagreements with the team’s internal and external actions.
Massive Outflows from MarginFi
The incident has shaken trust in MarginFi, resulting in a significant outflow of funds. The protocol’s total value locked (TVL) has dropped by $250 million in the past 48 hours.
Solend Benefits from Drama
Rivaling platform Solend has seen a surge in new users, quadrupling its user base in the past 24 hours. The protocol has also announced an airdrop for users who withdraw from MarginFi and deposit into Solend.
