It's an unprecedented move in world of DeFi, which aims to recreate lending and other financial services without the involvement of intermediaries like banks.
If sol's price sank below $22.30, 20% of the account's collateral — about $21 million — is at risk of being liquidated, Solend said. Sol was trading at a price of $34.49 on Monday.
Solend said the measure would allow it to liquidate the whale's assets via "over-the-counter" transactions — as opposed to on-exchanges trades — to avoid a possible cascade of liquidations.The move led to a backlash on Twitter, with some questioning Solend's decentralization. One of DeFi's core tenets is that it's meant to do away with centralized institutions like banks.
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