Summary
TLDR: Marginfi, a key player in Solana DeFi, saw a 25% decline in TVL after CEO’s resignation, sparking $100 million in withdrawals. Platform tried to stabilize but faced trust issues. Competitors like SolBlaze and Solend seized the opportunity to attract users. Solana network also facing turmoil with internal conflicts and disruptions.
Key Points
1. Marginfi experienced a significant 25% decline in Total Value Locked (TVL) following the resignation of CEO Edgar Pavlovsky.
2. Users reacted to the CEO’s departure by withdrawing nearly $100 million from the platform, leading to a loss of trust and uncertainty among the community.
3. Competitors and partners, such as SolBlaze and Solend, took advantage of marginfi’s turmoil to attract disenchanted users and intensify competition within the Solana DeFi ecosystem.