Cryptocurrency

Solend founder says SBF wants to ‘profit at all costs’

Zegex

Solend (SLND) founder 0xrooter describes FTX founder Sam Bankman-Fried as a “profit maxi” who wants to “get profit at all costs” .

According to Router, a company’s behavior reflects the personality of its founder. Although he has not personally interacted with his SBF, he believes his experience with one of the crypto billionaire-owned companies will give him an idea of โ€‹โ€‹what to expect. increase.

Solend Founder Explains Alameda’s ‘Puzzling Behavior’ During IDO

Luther stated his experience Alameda Research, owned by Bankman-Fried, took place during Solend’s initial dex offering (IDO).

According to him, Alameda was in Sollendo’s seed round. Their actions, he interpreted, meant they wanted to support a Solana-based lending protocol. However, the trading company has taken a series of “embarrassing actions” that have hindered the protocol’s growth.

At the top of Solend’s first dex offering (IDO), Lueter notes that over $100 million has been raised by the protocol, with a fully diluted value (FDV) roughly the same as the famous DeFi protocol Aave. I continued.

However, Solend used a mango-style IDO that allowed users to deposit or withdraw on the first day and only on the second. On day two, just minutes before the IDO ended, the protocol pulled him $80 million. So we were only able to raise $26 million.

The founder of Solend said on-chain data revealed that Alameda Research managed two accounts that initially deposited $40 million each and then deleted $80 million at the end. .

Alameda’s move effectively meant that the price of the token increased as the initial high FDV scared other investors into investing in the protocol. Router goes on to say that these actions “make sense if you remember Alameda is a profit maxi hedge fund (he just calls it a VC because it’s profitable).”

Mr. Luther said:

“Alameda’s actions reflect the ideology of the SBF. Gain absolves all sin. The ends justify the means. Effective altruism.”

Crypto community becomes critical of SBF

Solend’s founder, meanwhile, is the latest cryptocurrency community member to become critical of Sam Bankman-Fried. Several members of the community have accused the crypto billionaire and his company of not having the best interests of the community in mind.

SBF recently wrote his thoughts Crypto regulations that many have severely criticized.

Ryan Sean Adams said the recommendations are “the absolute worst” as DeFi proposes to comply with OFAC.

A few believe SBF is only trying to maintain the competitive advantage of FTX and centralized exchanges, making it impossible for others to compete.

ShapeShift founder Erik Voorhees also full response The policies he refutes on several points, especially those requiring cryptography to comply with OFAC.

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