Summary
TLDR: Edgar Pavlovsky, founder of Solana lending protocol Marginfi, resigns amidst controversy and operational issues. His departure leads to a significant exodus of funds from Marginfi, with withdrawals exceeding $130 million. Competing protocol Solend offers airdrops to attract disenchanted users. Marginfi also faces criticism for mismanaging tokens, leading to public disputes. Despite the turmoil, Marginfi expresses willingness to mend fences and work towards reconciliation.
Key Points
1. Edgar Pavlovsky, the founder and CEO of Solana decentralized lending protocol Marginfi, has announced his resignation amidst a whirlwind of controversy and operational discord.
2. Pavlovsky revealed his departure in a tweet, citing disagreements with Marginfi’s internal and external practices. His announcement was closely followed by an official confirmation from Marginfi, attributing his exit to a mix of personal reasons and internal operational conflicts.
3. The departure has triggered a significant exodus of funds from Marginfi, with data indicating withdrawals surpassing $130 million in the wake of the news. This mass withdrawal was further catalyzed by Solend, a competing decentralized Solana lending protocol, which has seized the opportunity to attract disenchanted Marginfi users by offering airdrops to those who transfer their funds to Solend, proportional to the migrated value.