More than $ 200 million in two days was withdrawn from the Marginfi protocol on the basis of Solana
The outflow occurred after the sudden resignation of the platform's CEO and accusations of violations by its competitors. On April 10th, Edgar Pavlovsky announced his departure from the position and ceased any collaboration with MarginFi
What happened? In just two days, users withdrew over $200 million from the MarginFi лендинг protocol on the Solana blockchain. The outflow occurred after the sudden resignation of the platform's CEO and accusations of violations by its competitors. On April 10th, Edgar Pavlovsky announced his departure from the position and ceased any collaboration with MarginFi, including the analytical department, citing disagreements with the team regarding the project's development.
Data from the Dune platform
What else is known? Pavlovsky admitted that the MarginFi team consists of world-class specialists, but he "does not agree with how things are inside the company and outside it." Moreover, in a now deleted tweet, responding to a question about the launch date for the token of management MRGN, the top manager stated that "it is correct to refuse any tokens." This statement provoked a sharply negative reaction from the community.
In turn, the MarginFi team assured users that Pavlovsky's departure did not affect the products provided by the platform and work on improving the protocol would continue. However, the company has not yet reported when MRGN will be launched.
Pavlovsky's departure was preceded by a dispute with users and accusations from rival projects that MarginFi did not meet its own standards. For example, the SolBlaze protocol team claims that MarginFi could not issue additional BLZE tokens for its users. As a result, creditors of BLZE did not receive interest payments on deposits for eight days.
On the other hand, co-founder of MarginFi, Macbrannan Pete, denied the accusations and claimed that the platform constantly paid creditors and borrowers of BLZE more than required. Delays in emissions were only observed during the last three days and, according to him, were caused by the overload of the blockchain.
Furthermore, the founder of the Solend protocol stated that MarginFi used unfair methods of competition, spreading inaccurate information about the total locked value (TVL) of Solend and attacking the price oracles of the project.
It is worth mentioning that Solend also announced an airdrop for those who deposit funds withdrawn from MarginFi into the protocol.
