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A crypto lending app tried to take over a 'whale' account to stop it from collapsing the system

CNBC Finance LogoCNBC Finance1w ago

A crypto lending app tried to take over a 'whale' account to stop it from collapsing the system

Quick Summary

It's an unprecedented move in world of DeFi, which aims to recreate lending and other financial services without the involvement of intermediaries like banks.

StETH is meant to be worth the same as ether, but it's been trading at a widening discount to the second-biggest cryptocurrency.

The account concerned had deposited 5.7 million sol tokens into Solend, accounting for more than 95% of deposits.


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Article Details

Author / Journalist: https://www.facebook.com/CNBC

Category: MarketsFinanceInvesting

Topics: Technology Cnbc Finance Source:tagname:CNBC Europe Source Solana/USD Coin Metrics Crypto Cryptocurrency FinTech Articles Markets Bitcoin Internet

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-20, 11:08:27

News Timezone: GMT -5:00

News Source URL: cnbc.com

Language: English

Reading Time: 3 minutes read

Article Length: 500 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 1270

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About CNBC Finance

CNBC Finance Logo

Main Topics: MarketsFinanceInvesting

Official Website: cnbc.com

Update Frequency: 3 posts per day

Year Established: 2005

Headquarters: United States

Last Updated: 22h ago

Coverage Areas: United States

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Publication Timezone: GMT -5:00

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Publisher ID: #6

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