The Solana network’s DeFi platform Solend protocol initiated a second proposal to invalidate the last proposal to take over a whale account whose margin position posed on-chain liquidation risks, with the community voting in approval of the invalidation.
Previously, the Solana DeFi platform voted for whale account takeover which was obviously not well received by the community as the protocol is supposed to be decentralized.
Pseudonymous founder Rooter said that the wild outcry on Twitter and in the press compelled Solend to issue the second proposal.
Rooter added that while the SOL price rebound has provided some time to analyze the liquidation issue, the unresponsive nature of the whale account is bugging them.
According to the new proposal, token holders were asked to vote on the following:
- Invalidate the last proposal,
- Increase governance voting time to 1 day,
- Work on a new proposal that does not involve emergency powers to take over an account.
“We ask our community to be active in governance in the next few days. Voting time will be revisited in a future proposal,” the blog post added.
The proposal surpassed the 1% quorum with 99.8% votes in favor of the proposal, 1,480,264 votes to be exact.
With this approval the whale account takeover is invalidated and governance voting time is increased from 6 hours to 1 day.
At the time of writing Solana (SOL) is trading above $32.09.