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Also, it looks like the liquidation was pre approved by the contract that the whale deposited into. It was gonna happen regardless. They are doing this to chang
by eknkc 4y ago
Also, it looks like the liquidation was pre approved by the contract that the whale deposited into. It was gonna happen regardless. They are doing this to change the way it is handled (off the chain instead).
I’m not sure about the implications but even Solend did not seize anything.
I still think this fucked up but it had nothing to do with solana.
- potatototoo99 4y agoSmart contracts are supposed to embody "code is law". It's not very lawful to then switch the liquidation with a vague "sell OTC over an undetermined amount of time".
- eknkc 4y agoI agree. They abused their power and perhaps they should not even be able do it technically (at least without forking the chain). Just wanted to clarify what dhey did.
- SilasX 4y agoRight, the contract definitely allows Solend to seize the collateral at certain collateral ratios, but I can’t tell if this change just affects how they liquidate when that ratio hits, or it pre-emptively does so now, while the price is far from hitting that ratio. Edit: okay it’s the latter. But remember this is not a seizure as in, just taking it, but also forgiving some of the debt at the same time. https://news.ycombinator.com/item?id=31802692 https://news.ycombinator.com/item?id=31802692