Text by Kaori and Joyce
This morning, Edgar Pavlovsky, founder of Solana ecosystem margin protocol Marginfi, announced on social media that he had resigned from the Marginfi team because he could not agree with the way things were done inside or outside the team.
He said that lawyers are currently working on the founder's departure. "Even though my financial situation has been bad recently and my personal income has almost dropped to zero, I have told everyone involved that I don't care about tokens, money or anything else," Edgar said in the article. He said that he currently has no plans for the next step.
The founder's announcement of leaving the team was undoubtedly a heavy blow to a project that was on the rise. Although Edgar did not specify what specifically led to the team's breakup, the community generally linked his departure to SolBlaze's previous accusations against Marginfi.
SolBlaze, the LST project on Solana, accused Marginfi of manipulating BLZE emission allocations last night, causing losses to users. "In the past three emission cycles (three weeks), marginfi failed to load the allocated BLZE emissions into its reward system for users to claim, and the BLZE sent from the emission allocation only existed in the multi-signature of its team." Therefore, SolBlaze announced the suspension of the emission allocation of bSOL and BLZE stored on Marginfi, effective immediately.
SolBlaze also added that it did not receive a response after contacting Marginfi co-founder Mac Brennan about the insufficient discharge replenishment, and Marginfi did not communicate any information to SolBlaze about the delayed discharge in the past few weeks.
Perhaps Edgar's departure is related to the way the Marginfi team handled the incident with SolBlaze. As of the time of writing, SolBlaze said it had reached a settlement with Marginfi, but before the community could come to its senses, a new protagonist joined the dispute.
Marginfi was attacked by vampires, and the rival exposed the past of Drama
One hour after Edgar posted the article, Solend officially announced that it would airdrop to users who withdraw funds from Marginfi and deposit them into Solend. The specific amount of airdrop will be proportional to the USD value transferred by the user, and the funds must be deposited for a period of time to be eligible.
The departure of the founder and the vampire attack on Marginfi puzzled most of the community, while Chris Burniske, the founder of Place Holder, who seemed to be aware of the matter, exclaimed, "Wow, things are getting exciting."
Solend founder Rooer took the opportunity to publish a long article, detailing the past disputes between Solend and Marginfi.
In his account, the Marginfi team used all means to compete, including spreading rumors about Solend, saying that all Solend TVL came from Alameda and 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 dissuaded 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 frequently participating in those "black posts" of Solend, "Marginfi often speaks ill of Solend in posts criticizing Solend and interacts with them." Rooter also released evidence that Marginfi co-founder Mac Brennan once tweeted a satirical attack on Solend and followed up on Rooter's tweets. "We initially refused to participate and didn't want to give them heat. But the voices were endless, and we didn't fight back, so they kept attacking."
On this side, Mac Brennan, the co-founder of Marginfi, who was hung up, had just finished analyzing and laying out a timeline to respond to Blaze's accusations, when he was hit with a "character attack" again.
Before Rooter posted his tweet, Brennan had already published a long article explaining his actions on social media, "Everything is just to increase clicks and traffic." After proving his character and marketing ability, Brennan ended his response with "Everything we do is for users, and we will continue to do so." However, judging from the comments, the community does not buy into Brennan's marketing strategy of riding on the popularity of the platform. One comment mocked, "TLDR: Dude has split personality disorder."
In addition to the "confrontation" between Rooter and Mac Brennan, the entire community, as "spectators", expressed their opinions one after another. Some expressed sympathy for Edgar, while others questioned the team's showmanship. However, the most popular voices reminded users to withdraw funds from Marginfi. After the above dramatic events, Marginfi's current TVL is 650 million US dollars, a 24-hour drop of 18.85%, surpassed by Raydium.
Since the FTX crash, the market has witnessed the achievements of the entire Solana ecosystem. Solana is undoubtedly the fastest growing and most profitable ecosystem since 2024. However, it is precisely because of the large number of projects that the competition for market attention resources has become more intense, as can be seen from the dramatic incident between Marginfi and SolBlaze and Solend. The Solana DeFi circle has taken over the negative public opinion caused by the congestion of the Solana network. It will take time to observe whether the entire ecosystem can return to calm.
