Solend DAO is Increasing Voting Time and Invalidating SLND1
Solend DAO has undergone quick modifications in recent months. Despite introducing SLND1 fairly recently, the project received harsh criticism from its users.
The venture has decided to address the concerns by introducing SLND2 actively. The DAO released an official post informing community members about its plans, which talked about the succession of risk mitigation from whales.
In addition, it shared information about SLND2, which will invalidate SLND1 while increasing the voting time. Solend also shared a link that contains more information about the proposal, such as members and additional remarks.
Since SOL has gradually gained market value, Solend has gotten ample time to collect feedback and brainstorm new ideas. Its latest proposal will work on specifically:
- Invalidating the previous proposal
- Increasing the governance voting time to a day
- Working on new proposals that do not involve emergency powers to overtake user accounts
Even with these new talking points, Solend was rational about its proceedings. The DAO accepted that even a day’s worth of governance voting time might not be apt. However, the Solend team is trying to figure out a solution quickly.
Every step must be executed promptly to address more systemic risks. It also addresses the issue of users being unable to withdraw ISDC currently. The platform aims to interact with its community to closely figure out the governance issue in the upcoming days.
Moreover, it has promised to revisit the voting time in its future proposal. Since the Solend team is committed to facilitating transparency and user security, it is always finding new ways to help them.
The latest development and the venture’s quick realization are prime examples of the same. The community praised the Solend team for quickly addressing the concerns and eagerly waiting for the patches to come out.