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‘Price of SOL is at Stake,’ Claims Crypto Analyst

Crypto analyst Miles Deutscher states that SOL’s price is at stake following the Celsius and 3AC tank. In a Twitter (NYSE:TWTR) thread, Deutscher explains the reasons for...
‘Price of SOL is at Stake,’ Claims Crypto Analyst © Reuters. ‘Price of SOL is at Stake,’ Claims Crypto Analyst

  • Crypto analyst Miles Deutscher states that SOL’s price is at stake following the Celsius and 3AC tank.
  • In a Twitter (NYSE:TWTR) thread, Deutscher explains the reasons for his conclusion.
  • The analyst also raises an important question regarding decentralization and user protection.

Crypto analyst Miles Deutscher has said in a recent Twitter post that SOL’s price is at stake following the Celsius and 3AC tank. In a 21-post thread, the popular crypto investor details the reasons for this conclusion.

“After Celsius and 3AC tanked the market, another concerning event has started to emerge,” begins the post.

The analyst explains that at the moment there are three major liquidations. Among these, the SOL situation appears to be the most intriguing one to Deutscher. The reason is that a major SOL whale deposited $160m on the Solend protocol to borrow $108m.

As this position creeps closer to liquidation, it began to trigger fears that user funds could be put at risk. Solana’s recent instability lends itself to potential issues amidst a mass liquidation event. Additionally, user funds could be vulnerable due to high slippage.

Deutscher adds that, in response, the Solend protocol decided to reach out to the whale to negotiate a solution. However, the whale did not respond. Reportedly, Solend then issued a proposal to grant emergency power to temporarily take over the whale’s account. As expected, this move was not well received.

If we learnt (sic) anything from the Celsius and 3AC situations, it’s that on-chain transparency is a much-needed component of the crypto financial ecosystem. This is the exact problem that DeFi is intended to solve.

However, 97.5% voted yes to the decision despite the backlash. But over 90% of the votes were issued by a single user. The fate of $270 million in user assets is thus being decided by a single entity. Deutscher claims that this is a fundamental flaw in the system, as voting power is decided by DAO holdings.

Deutscher further theorizes that this decision led to further division in the community. And Solend protocol rushed to fix their mistake by invalidating this one vote. But then he asks the question: “What’s the point of a DAO if proposal outcomes aren’t adhered to?”

The analyst argues that this is the classic case of need versus want in crypto. “What we want is decentralization, but what we need (in this case) is user protection.”

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30-06-2022 05:39:42 (UTC+7)

EUR/USD

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EUR/USD

1.0445

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GBP/USD

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USD/JPY

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Adidas AG

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Deutsche Lufthansa AG

5.813

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101.40

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 EUR/USD1.0445↑ Buy
 GBP/USD1.2124↑ Buy
 USD/JPY136.52↑ Sell
 AUD/USD0.6880Neutral
 USD/CAD1.2893↑ Buy
 EUR/JPY142.60↑ Sell
 EUR/CHF0.9972Neutral
 Gold1,819.00↑ Sell
 Silver20.733↑ Sell
 Copper3.7772Sell
 Crude Oil WTI109.58Neutral
 Brent Oil112.25↑ Buy
 Natural Gas6.430↑ Sell
 US Coffee C228.05↑ Sell
 Euro Stoxx 503,514.32Neutral
 S&P 5003,818.83↑ Buy
 DAX13,003.35↑ Sell
 FTSE 1007,312.32Sell
 Hang Seng21,996.89Neutral
 Small Cap 20001,713.32Neutral
 IBEX 358,188.00↑ Buy
 BASF41.580↑ Sell
 Bayer57.62Neutral
 Allianz183.72Buy
 Adidas170.02↑ Sell
 Lufthansa5.813↑ Buy
 Siemens AG101.40↑ Sell
 Deutsche Bank AG8.571Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,805/ 6,865
(0/ 0) # 1,727
SJC HCM6,820/ 6,890
(0/ 0) # 1,751
SJC Hanoi6,820/ 6,892
(0/ 0) # 1,753
SJC Danang6,820/ 6,892
(0/ 0) # 1,753
SJC Nhatrang6,820/ 6,892
(0/ 0) # 1,753
SJC Cantho6,820/ 6,892
(0/ 0) # 1,753
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Cập nhật lúc 18:53:49 29/06/2022
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