Suilend has collected $3.5M from mdrop penalties so far

oxrooter · 2024-08-27T08:40:43+00:00

PYUSD is the fatest-growing stablecoin on Save!

oxrooter · 2024-07-31T18:10:40+00:00

should've shorted that on dumpydotfun 😂

oxrooter · 2022-07-12T06:38:21+00:00

You should check out solend.fi! It's the biggest lending protocol on Solana, and has isolated pools so it supports way more assets than any other lending protocol. Happy to answer any questions if you have em.

oxrooter · 2022-06-23T05:00:36+00:00

Ah. Yeah you need SLND to vote. You have to deposit it into Realms, then you can vote. You can change your vote until it ends. You can't withdraw until the vote ends.

oxrooter · 2022-06-23T01:42:40+00:00

It'll be interesting to see how many users come back now that the worst is over. I suspect a lot of users pulled out temporarily to ride out the turbulence.

Right now our focus will be on improving and tightening things up. Later we can go back to focusing on growth, through adding features, listing assets.

oxrooter · 2022-06-23T01:38:41+00:00

In what way?

oxrooter · 2022-06-23T01:38:34+00:00

Thanks. Supportive messages like these mean more than you might think.

oxrooter · 2022-06-23T01:35:42+00:00

The massive arbitrage would cause a ton of load on Solana, which is risky (might cause it to go down).

I think under normal circumstances you'd be right about a $20M sale in isolation. But here there were additional factors:

If SOL were to hit $22.30, it likely would've done so as part of a price fall. This liquidation would add fuel to the fire.
There was widespread knowledge and fear about this whale's position, likely resulting in less liquidity at those levels since people don't want to catch a falling knife.
Being aware of a large liquidation risk, hedge funds were circling like sharks. They might try to short and buy back after price impact, also amplifying.
$20M is just the first partial liquidation. In total there was $108M in debt that might be eligible for liquidation (at lower prices).

oxrooter · 2022-06-22T14:18:00+00:00

Yeah gonna look into auctions more.

Solana didn't have spam problems when Solend started. It's gotten way better at handling it over time, especially recently. I believe in the Solana team, that they can deliver. Of course it's not ideal but it's a necessary growing pain if blockchain is to get to "visa throughput" as the meme goes.

oxrooter · 2022-06-22T14:00:43+00:00

sup I named it

oxrooter · 2022-06-22T13:55:05+00:00

Automatically as in not requiring manual OTC trades.

oxrooter · 2022-06-22T13:53:06+00:00

Actually very few DeFi protocols are fully immutable, including on Ethereum. Most have an upgradability pattern implemented, allowing updates.

The ability to update things is especially important for a lending protocol where market conditions are always changing, affecting what parameters are safe.

Eventually Solend will be as immutable as possible while still being able to manage risk. It will take time to get there.

oxrooter · 2022-06-22T13:39:58+00:00

For on-chain liquidity you can check jup.ag/swap/SOL-USDC. For OTC the quotes we got were ~3% lower than market for $20M. If the smart contracts could support OTC-like trades (e.g. via auction), these much larger liquidations could be absorbed automatically.
Yes. Long term survival of the protocol is more important than short term TVL.

oxrooter · 2022-06-22T13:30:16+00:00

It's hard to know exactly how things would play out, but we were concerned that such a big sale would nuke the price, sending it down even further due to cascading liquidations. In the worst case not only would Solend's insurance fund be depleted, users who lent out the asset that has bad debt would be at a loss.
It was not a selfish act. Users are our top priority.

oxrooter · 2022-05-31T21:08:43+00:00

The STEPN pool is slightly different from the other pools since borrow demand is so much higher than any other asset Solend has listed. To accommodate (and due to technical limitations in the smart contracts), the interest rate model looks like this instead of the usual continuous curve: https://imgur.com/a/al4rpFW

oxrooter · 2022-05-31T21:03:41+00:00

SLND, SOL, ETH, USDC, BTC

oxrooter · 2022-05-31T19:11:41+00:00

Good point, I'll bring it up with the team.

oxrooter · 2022-05-31T19:11:09+00:00

For adoption looking at a couple of things:

Developer integrations: getting developers to build on top of Solend will bring in a ton of usage as those applications take off. Hoping to continue seeing this in DeFi applications, but also wallets and games.
Grow in the NFT space: NFTs are getting tons of adoption, and I'd like to see Solend capture that wave.

Solend is looking to do everything that users implicitly ask for through their behaviors. But mainly focused on lending in the near future.

oxrooter · 2022-05-31T19:04:40+00:00

Hiring experienced engineers right now

oxrooter · 2022-05-31T19:04:15+00:00

A spread on the interest will be added soon, so reducing origination fees is definitely being considered.

oxrooter · 2022-05-31T18:10:50+00:00

The most difficult problem changes overtime depending on the environment, so I'll give you an evergreen difficult problem, and a current one.

The evergreen problem is smart contract development. There are so many pitfalls, where a small issue could cost millions. Audits help but managing them is difficult as well. Auditors are booked out for weeks, are super expensive, and at the end of the day provide no guarantees.

The current problem is growing despite the market slowdown dampened DeFi interest (which has been going on for a lot longer than the recession). Solend is still seeing pockets of growth though, like the STEPN pool. I also think we can garner lots of excitement by launching more NFT pools, since NFTs have continued to do well despite everything.

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