The founder was pissed off and TVL plummeted 20%. What happened to Marginfi?

This morning, Edgar Pavlovsky, the founder of Solana ecological margin protocol Marginfi, posted on social media to announce that he had resigned from the Marginfi team. The reason for his resignation was that he could not agree with the way things were done inside or outside the team.

He said that lawyers are currently solving the problem of founders leaving the team, "Even though my recent financial situation has been very poor and my personal income has almost returned to zero, I have told everyone "I don't care about tokens, money or anything else," Edgar said in the article. At present, he said he has no next step.

The founder's departure from the team is undoubtedly a heavy blow to a project that is on the rise. Although Edgar did not specify what specifically caused the team to break up, the community generally related his departure to the previous situation where SolBlaze accused Marginfi. connect together.

SolBlaze, the LST project on Solana, last night accused Marginfi of manipulating BLZE emission allocations, causing users to suffer losses. "In the past three emission cycles (three weeks), marginfi has failed to load the allocated BLZE emission into its reward system for users to claim, and the BLZE sent from the emission allocation only exists in its team's multi-sig." As a result, SolBlaze announces the suspension of emissions allocations for bSOL and BLZE stored on Marginfi, effective immediately.

SolBlaze also added that it contacted Marginfi Mac Brennan about the issue of insufficient emissions replenishment and received no response, and Marginfi has not communicated with SolBlaze in the past few weeks. Any information on delayed emissions.

Perhaps the reason for Edgar's departure is related to the Marginfi team's handling of the matter with SolBlaze. As of writing, SolBlaze said it had reached a settlement with Marginfi, but before the community could recover, a new protagonist was added to the dispute.

Marginfi was attacked by a vampire, and the opponent exposed the drama’s past

One hour after Edgar posted, Solend officially announced that it would airdrop to users who withdraw money from Marginfi and deposit it into Solend. The specific number of airdrops Will be proportional to the dollar value transferred by the user, and funds must be held for a period of time to be eligible.

The departure of the founder and the vampire attack on Marginfi have puzzled most people in the community, but Place Holder founder Chris Burniske seems to have inside knowledge of the matter. Then just say "Wow, things are getting exciting."

Solend founder Rooer took advantage of the situation and published a long article detailing the past entanglements between Solend and Marginfi.

In his account, the Marginfi team used any means to compete, including spreading rumors about Solend, saying that all Solend TVL came from Alameda and that Solend v2 had no TVL. The screenshots released by Rooter showed that they had contacted the OKX wallet team and found that the Marginfi team had discouraged the OKX team from developing a business relationship with Solend because Solend was related to "FTX old money".

In addition, Rooter also accused the Marginfi team of often participating in Solend's "black posts". "Marginfi often said bad things in posts criticizing Solend and interacted with them." Rooter also released evidence, Marginfi co-founder Mac Brennan once tweeted a sarcastic attack on Solend, and followed Rooter's tweets closely. "We initially refused to participate because we didn't want to provide them with heat. But the noise was endless and we didn't fight back, so they kept attacking."

Here, the suspended Marginfi Lianchuang Mac Brennan just finished analyzing and setting up a timeline to deal with Blaze's accusations, and he encountered another "character attack."

Before Rooter posted his tweet, Brennan had already published a long article explaining his behavior on social media, "It's all just to increase clicks and traffic." After doing a lot of work on his character and marketing capabilities, After some proof, Brennan ended his response with "Everything we do is for our users, and we will continue to do so." However, judging from the comments, the community did not buy into Brennan’s popularity marketing strategy. One comment ridiculed “TLDR: Dude has schizophrenia.”

Beyond the "confrontation" between Rooter and Mac Brennan, the entire community expressed their opinions as "melon-eating people". Some expressed sympathy for Edgar. There are also those who question the team’s show, but the loudest ones remind users to withdraw funds from Marginfi. After the above dramatic events, Marginfi’s current TVL is US$650 million, with a 24-hour drop of 18.85%, surpassed by Raydium.

Since the FTX thunderstorm incident, the results of the entire Solana ecosystem’s silent construction are obvious to all. Solana is undoubtedly the ecosystem with the fastest development speed and the strongest gold-absorbing effect since 2024. But precisely because of the large number of projects, the competition for market attention resources is also more intense, as can be seen from the drama between Marginfi, SolBlaze, and Solend. Solana DeFi circle takes over the negative public opinion caused by Solana network congestion. It still takes time to see whether the entire ecosystem can return to calm.

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