Solana-based Solend Reimburses Over $400k to Users Affected by Network Degradation

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Solana-based Solend Reimburses Over $400k to Users Affected by Network Degradation

Solana-based lending platform Solend announced today it has fully refunded victims affected by the January 21 Solana network outage.

The project noted that a total of $413,201.42 was reimbursed to a total of 715 users, sharing the link to where the reimbursed funds can be found.

“We announced that we’d fully reimburse those affected by the abnormal volatility on the SOL feed, and 50% of the liquidation penalties for anyone else liquidated during that time,” the Solend team wrote.

Solana’s January 21 Network Outage

Following multiple network outages suffered by Solana last year, the high throughput blockchain faced a major issue on Friday, January 21, 2022, which was the second occurrence for that month.

“The mainnet-beta cluster is experiencing some performance degradation, we are currently investigating the issue,” the Solana team said after discovering the occurrence. 

The team spent about 24 hours investigating the issue before determining it the following day at 17:55 UTC. The project then relayed to its users that the issue was caused by “excessive duplicate transactions” from bots. 

The problem was resolved on Sunday January 23, at around 16:19 UTC after releasing and adopting v1.8.14, which was created to “mitigate the worst effects of the issue.”

Although the project first discovered the occurrence that same day, the outage lasted for more than 48 hours, a period when the entire crypto market was in red.

Users who borrowed funds from lending platforms like Solend were unable to add more collateral to their balance due to network congestion and as a result, their positions were liquidated. Solend has, however, made affected users whole.

Meanwhile, Solend conducted its IDO in November, raising over $26 million from investors. 


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