4/ As this position creeps closer to liquidation, it began to trigger fears that user funds could be put at risk.
Solana's recent instability lends itself to potential issues amidst a mass liquidation event. Additionally, user funds could be vulnerable due to high slippage.
5/ In response, @solendprotocol decided to reach out to the whale to negotiate a solution. They claimed that:
• The whale will always present a systemic risk to Solend and its users, and
• Letting a liquidation of this size to happen on-chain is extremely risky
6/ But the whale never responded, so Solend issued a proposal which intends to "grant emergency power to temporarily take over the whale's account so the liquidation can be executed OTC."
7/ The proposal was met with vast public backlash, as many claimed that the intervention directly combats the essence of decentralisation (I would largely agree).
9/ If we learnt anything from the Celsius and 3AC situations, it's that on-chain transparency is a much-needed component of the crypto financial ecosystem.
This is the exact problem that DeFi is intended to solve.
15/ The decision to invalidate the vote (although I believe it was the right one), raises another important issue:
What's the point of a DAO if proposal outcomes aren't adhered to?
16/ The initial proposal was a) fundamentally flawed, and b) far too easily manipulated by a singular party.
But in addition, cancelling the proposal invalidates the very authority a DAO claims to have.
A doubly whammy of decentralisation degradation.
17/ Despite all this uncertainty, @SBF_FTX declared that "real solutions are coming."
Many accused him of "saving his bags", as the timing of this tweet coincided with $SOL dumping. Until now, SBF has been quiet on the Solana front for months.
Many of next cycle's top performers haven't been released yet.
These projects have potential to 50-100x next bull run.
The next $SOL or $MATIC could be sitting right in front of you.
🧵: Here are the top 13 unreleased projects I'm most looking forward to. 👇
In this thread, I'll break down my favourite unreleased layer 1s, layer 2s, interoperability protocols and dApps that I've got my eye on for next cycle.
At the end, I'll give you 4 steps to take advantage, as none of these projects have tokens *yet*.
These predictions are being made from the outset of 2023.
It's likely as the year progresses, things will change regarding the macro and regulatory environment - creating new narratives (as well as affecting existing ones).
But I thought it would be fun to try anyway!
1. $ETH Dominance hits 23%.
It hasn't reached these levels since 2018.
But, I don't think the full extent of the merge is priced in.
I predict $ETH will maintain relative strength vs the market and $BTC for the majority of 2023 and into 2024.