Solend struggling to liquidate SOL loan due to congestion
The loan resides in Solend's main lending pool. A sharp fall in the price of solana (SOL) — down about 50% in the last three days — has lowered the value of the collateral used for the loan. A large lending position on Solana-based lending platform Solend is now underwater.
Yet the platform has faced oracle issues related to congestion on the network, frustrating these efforts. This loan belongs to a large user who holds the biggest position on the main pool. The user owes the protocol $29.7 million in USDC at the time of writing against $32.6 million in SOL collateral. The position is above Solend’s liquidation threshold of 85%, which is $27.6 million. The protocol has to sell nearly $2 million in SOL collateral to bring back the loan under the liquidation threshold.
Source
https://t.me/DeFi_Ethereum
