Solend is now voting to reverse the decision to interfere with $170M position

Re:Solend is now voting to reverse the decision to interfere... by edf13 on Monday June 20, 2022 @03:41AM (#31807368)

So - the guy with the $170m position… his wallet has been recently active so it isn’t a case of lost keys… he’s running a short on Solana?

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Re:Solend is now voting to reverse the decision to interfere... by itsoktocry on Monday June 20, 2022 @11:41AM (#31811646)

>So - the guy with the $170m position… his wallet has been recently active so it isn’t a case of lost keys… he’s running a short on Solana?

My understanding is he "owes" interest on loans he's received using Solana as collateral, so the account is at risk of being liquidated. Of course, no one wants that when many people are already underwater at current prices.

What's funny is literally one day after voting to take over this account, prices are rising and now they "have time" to find a better solution? Brilliant governance, all around.

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Re:Solend is now voting to reverse the decision to interfere... by granddemolisher on Monday June 20, 2022 @01:03PM (#31812709)

He is getting bailed out by people who has interest in keeping SOL up.

There are a few individuals and firms invested in solana ecosystem bailing out companies in the background right now which is increasing the price for liquidation.

Even if he got liquidated, then he could just buy sol at cheap due to contagion from his relatively stable loan in stablecoins and many investors will still need to bail out to recoupe their sol investment. He also could have short positions.

It's the most optimal move for someone with that big stake.

Hilarious.

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Re:Solend is now voting to reverse the decision to interfere... by im3w1l on Monday June 20, 2022 @02:52PM (#31814113)

No. He makes money when solana goes up and risks liquidation if solana goes down. In other words, he has a leveraged long position.

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Re:Solend is now voting to reverse the decision to interfere... by atian on Monday June 20, 2022 @04:10AM (#31807570)

Haha yes it’s clearly a GTO position by one of Solana’s supporters.

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Re:Solend is now voting to reverse the decision to interfere... by oblio on Monday June 20, 2022 @05:03AM (#31807964)

GTO?

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Re:Solend is now voting to reverse the decision to interfere... by wruza on Monday June 20, 2022 @05:10AM (#31807995)

Great Teacher Onizuka seemingly fits.

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Re:Solend is now voting to reverse the decision to interfere... by LittlePeter on Monday June 20, 2022 @06:37AM (#31808627)

game-theoretical optimum maybe

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Re:Solend is now voting to reverse the decision to interfere... by lima on Monday June 20, 2022 @05:27AM (#31808113)

Solend != Solana

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Re:Solend is now voting to reverse the decision to interfere... by edf13 on Monday June 20, 2022 @06:11AM (#31808445)

Yes, I know, but Solana will suffer when the large position is liquiditated (Or an attemp at liquidation)

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