MarginFi sheds $155 million due to leadership shake-up
Edgar Pavlovsky, founder of Solana-based cryptocurrency lending platform MarginFi, announced Wednesday that he was leaving the protocol due to internal disagreements. This led to a massive leak in one of the most used DeFi protocols on Solana.
According to Dipilama, MarginFi saw a net outflow worth $155 million due to the announcement of Pavlovsky’s resignation. Total value locked also decreased to $524 million, compared to $738 million on Tuesday and $811 million on April 1.
“I don’t agree with the way things are done, both internally and externally,” Pavlovsky said. wrote At X. “I told everyone involved that I wasn’t interested in tokens or money or anything.”
Pavlovsky added that his departure as founder of MRGN Inc., the company behind the DeFi project, ultimately led to its failure.
MarginFi also confirmed Pavlovsky’s departure, noting that it would not impact its products or operations. “His departure is due to internal operational inconsistencies and personal reasons and we respect his privacy,” MarginFi told X. post.
Pavlovsky’s resignation comes just hours after the Solana liquid staking protocol SolBlaze. Posted The accusation against MarginFi alleges that it acted in bad faith by failing to distribute tokens allocated to users in accordance with SolBlaze’s depositor compensation guidelines. SolBlaze rewards BlazeStake Solana or Blaze token holders and depositors with tokens they call “employments,” and depositors of MarginFi can also receive them.
SolBlaze also accused MarginFi of dumping tokens airdropped from SolBlaze for use in governance participation.
But Solblaze said later They say they have communicated with the MarginFi team (after Pavlovsky’s resignation) and resolved the issue. SolBlaze acknowledged that MarginFi had failed to distribute emissions quotas for eight days, adding that MarginFi had responded. said We will refund you for any portion you missed.
MarginFi did not immediately respond to The Block’s request for comment.
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