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.
If I had to start again from 0 today, this is the exact 16-step plan I’d follow.
🧵: My ultimate X growth guide.👇
1. Pick a niche and go all in.
If you want to stand out and build authority, you first need to become and expert in, and own, one specific angle - as opposed to becoming another generalist.
I chose DeFi as my initial area of focus when I began creating content.
Allocating all your resources to one niche is the most optimal way to ensure your content stands out, which in turn will reach a wider audience over time as you expand.
2. Post consistently.
More is better (as long as you can maintain a good quality standard).
Even during the '22 bear market, I was posting threads daily at one point.
To help you prepare, I compiled the top 10 alpha tweets I bookmarked over the past few days.👇
1. Coinbase's spot premium has held steady throughout the latest surge. $BTC has been rallying with minimal leverage buildup compared to past runs to ATH.