• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
Solana, crypto, Sol

Solana Lender Drama Deepens: $250 Million Outflow After Founder Quits

Rubmar Garcia
by Rubmar Garcia
1 year ago
·
Posted in Solana
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Solana continues to be on the news, this time due to some projects based on the chain having a dispute. Solana-based lending and borrowing protocol MarginFi has recently been “beefing” with Solend, another lending protocol, and SolBlaze, a liquid staking platform.

Amid the drama, MarginFi’s CEO and founder stepped down after some “inappropriate” X posts and massive criticism. The project now faces significant outflows and a lack of trust from the Solana community.

Related Reading: Solana & Other Top Coins Lose Trading Volume, Market Interest Down?

Solana’s Projects Fight Each Other

Yesterday, SolBlaze claimed that MarginFi had failed to replenish the BLZE tokens into their rewards system for users to claim for the past three weeks. Moreover, the staking platform implied that the MarginFi team refused to respond to their attempts to reach out and clarify the situation.

MacBrennan, the co-founder of the MRGN group, considered the project “the target of a very unfortunate hit piece.” In an X post, the MarginFi contributor “clarified the misinformation.”

We were the target of a very unfortunate hit piece today.

I'll clarify the misinformation you're seeing:

1) This tweet is completely wrong

marginfi has failed to replenish BLZE over the last 3 days, not three weeks. Yes, this is because of chain congestion and prioritizing… pic.twitter.com/c8OhZqBYza

— macbrennan (hiring) ◼️ (@mrgnalt) April 10, 2024

Per the post, the replenishing issues had occurred over the last eight days instead of three weeks. The problems were caused by the Solana network congestion and “prioritizing user safety.”

Additionally, MacBrennan refuted the claims that MarginFi’s team declined to respond. According to the post, the SolBlaze team reached out to them at 4:46 am on the same day SolBlaze posted the “exposé.”

MarginFi users were quick to respond to MacBrennan’s post, criticizing the project for not being truthful. The protocol users legitimized SolBlaze’s claims by stating they had not received BLZE tokens long before the network congestion started.

Adding fuel to the fire, the Solend protocol team posted on their official X account that the project will airdrop to the users who withdraw from MarginFi and deposit into their protocol.

Rooter, Solend’s founder, explained why they joined in, affirming that his project was “on the receiving end of multiple attacks” during the bear market.

The alleged attacks from the MarginFi team included “attempting to blackball Solend with peers,” bad-mouthing and criticizing the project, and “attacking Solend’s oracle configuration.”

Rooter claimed that healthy competition is well-received, but that isn’t what occurs with MarginFi. Solend’s founder concluded: “MarginFi rubs many teams the wrong way with their misconduct.”

SOL, SOLUSDT, Solana, crypto

Solana's market cap is at $76.14 billion. Source: Market Cap SOL on Tradingview 

MarginFi CEO Quits, Claims Differences With The Team

Amid the drama, MarginFi’s founder and CEO, Edgar Pavlovsky, made a series of responses to the criticism that were not well received. Pavlovsky stated in one of his responses, “Take your money out, go fuck yourself,” later calling the user an “irrelevant, slandering piece of shit.”

The reply spree continued throughout Wednesday afternoon, resulting in the later resignation from his position in all MRGN arms. The former CEO claimed he doesn’t “agree with how things have been done internally or externally.”

I resigned from mrgn today. From working on marginfi, from the research arm, from it all.

It's a world class team — it really is — but I don't agree with the way things have been done internally or externally. I've said it many times and I'll say it again, but those of us who…

— edgar ◼️ (@edgarpavlovsky) April 10, 2024

The lending protocol confirmed Pavlovsky’s resignation, stating that “his departure is a function of internal operational disagreements and his reasons.” Additionally, they reassured users that all projects remained fully operational and unaffected by the founder’s departure.

The announcement also received criticism, with MarginFi users expressing concern about the lack of a timeline regarding the token airdrop. It appears the incident has made many reconsider continuing to use the protocol.

As a result, the total value locked (TVL) dropped from $910 million to $660 million. According to Dune data, the massive outflows account for $250 million in the past 48 hours.

Related Reading: Paradigm Shift: Hard Data Shows Billions Flowing Into Solana, Ethereum Bleeding

Solana, Sol, crypto

MArginFi outflows reach $250 million in the last 48 hours. source: Dune

Notably, the Solend Protocol has seen a significant rise in new users amid the drama. The rivaling platform quadrupled its new users in the past 24 hours, going from 245 on Wednesday to 1178 new users today.

Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Rubmar Garcia

Rubmar Garcia

Follow

Rubmar is a crypto enthusiast who likes learning and improving constantly. She enjoys reporting on the latest news and developments in the crypto industry. Rubmar also enjoys scrapbooking, crafting, simulation games, and watching football.

Full Profile

Related Posts

Solana Solscan Etherscan

Solana price At Risk Of 10% Crash With Descending Broadening Wedge

2 days ago
Solana Alpenglow news

Solana Greenlights Alpenglow, Its Most Explosive Upgrade Yet

4 days ago
Galaxy Digital Deposits 500,000 Solana ($103M) To Coinbase In 5 Days – Details

Galaxy Digital Deposits 500,000 Solana ($103M) To Coinbase In 5 Days – Details

4 days ago
Solana news

Solana Set To Become The Most Decentralized Blockchain, Fund CEO Claims

5 days ago
Solana

Solana ETFs Are Following Hot On XRP’s Tail — Here Are The Latest Updates

5 days ago
solana-analyse-tendance-leviers-techniques

Solana en route vers les 300 $ : analyse de la tendance des leviers techniques

5 days ago

Premium Sponsors

Press Releases

  • miner

    XRP price battles for key support levels, with holders...

    15 hours ago
  • miner

    Global Investors Tap BAY Miner App for BTC and XRP Monthly...

    15 hours ago
  • Cloud Mining

    From Holding to Profit: How XRP Earns $27,000 Daily from...

    19 hours ago
  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    2 days ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.