Solana is still making headlines, but this time it's because of a dispute over several chain-based projects. MarginFi, a Solana-based lending and borrowing protocol, has been "beefing" lately with SolBlaze, a liquid staking platform, and Solend, another lending protocol.
The CEO and creator of MarginFi resigned amid the controversy in the wake of several "inappropriate" X posts and intense backlash. The Solana community's mistrust of the project and large outflows are currently its biggest challenges.
The Projects of Solana Rival One Another
SolBlaze asserted yesterday that MarginFi had neglected to add new BLZE tokens to its rewards program for the previous three weeks, making them available for customers to claim. Furthermore, it appeared from the staking platform that the MarginFi team ignored their requests for clarification.
The project was deemed "the target of a very unfortunate hit piece" by MacBrennan, the co-founder of the MRGN group. The MarginFi writer "clarified the misinformation" in an X post.
As stated in the post, the replenishing problems hadn't happened for three weeks, but rather during the last eight days. Congestion in the Solana network and "prioritizing user safety" were the root causes of the issues.
Furthermore, MacBrennan denied the allegations that MarginFi's staff did not reply. The post claims that on the day that SolBlaze published the "exposé," at 4:46 am, the SolBlaze crew contacted them.
Following MacBrennan's tweet, MarginFi users swiftly criticized the idea for being dishonest. By claiming they had not received BLZE tokens long before the network congestion began, the protocol users validated SolBlaze's allegations.
The Solend protocol team added gasoline to the flames by announcing on their official X account that users who withdraw from MarginFi and invest into their protocol will receive an airdrop from the project.
The founder of Solend, Rooter, gave an explanation for their involvement, stating that his project was "on the receiving end of multiple attacks" during the downturn.
The MarginFi team was accused of "attacking Solend's oracle configuration," "attempting to blackball Solend with peers," and disparaging and criticizing the project.
Rooter remarked that healthy competition is welcomed; however, MarginFi doesn't operate in that manner. "MarginFi rubs many teams the wrong way with their misconduct," stated the founder of Solend.
The CEO of MarginFi resigns, citing disagreements with the team
Edgar Pavlovsky, the CEO and creator of MarginFi, responded to the criticism in a number of poorly appreciated ways during the drama. In one of his replies, Pavlovsky said, "Take your money out, go fuck yourself." He later referred to the person as a "irrelevant, slandering piece of shit."
Wednesday afternoon saw him resume his tirade of replies, which eventually led to his resignation from all MRGN arms. "I don't agree with how things have been done internally or externally," the former CEO declared.
April 2024, Cryptoniteuae