This morning, Edgar Pavlovsky, the founder of Solana’s Marginfi protocol, announced on social media that he has resigned from the Marginfi team due to differences in the way things are done internally or externally within the team.
He mentioned that lawyers are currently resolving the issue of the founder’s departure. Despite his recent poor financial situation and almost zero personal income, Edgar stated in the post that he has informed all relevant parties that he does not care about tokens, money, or anything else. He also mentioned that he currently does not have any plans for the next step.
The departure of the founder and the accusations made by SolBlaze against Marginfi regarding the manipulation of BLZE token emissions have undoubtedly dealt a heavy blow to a project that was on the rise. Although Edgar did not specify the exact reason for the team’s breakdown, the community generally links his resignation to the previous allegations made by SolBlaze against Marginfi.
SolBlaze, a project on Solana, accused Marginfi of manipulating BLZE token emissions, resulting in user losses. SolBlaze announced the immediate suspension of the distribution of bSOL and BLZE emissions stored on Marginfi, effective immediately. They claimed that Marginfi failed to load the allocated BLZE emissions into their reward system for users to claim, and the BLZE emissions sent from the distribution only existed in their team’s multisignature.
SolBlaze also mentioned that they contacted Marginfi co-founder Mac Brennan regarding the issue of insufficient emissions, but did not receive any response. Marginfi did not communicate any information about delayed emissions to SolBlaze in the past few weeks. Edgar’s resignation may be related to how the Marginfi team handled the situation with SolBlaze.
At the time of writing, SolBlaze stated that they have reached a settlement with Marginfi. However, before the community could fully grasp the situation, a new player entered the dispute.
Shortly after Edgar’s post, Solend officially announced that they will airdrop to users who have withdrawn from Marginfi and deposited into Solend. The specific amount of the airdrop will be proportional to the USD value transferred by the user, and the funds must be held for a certain period to be eligible.
The departure of the founder and the vampire attack on Marginfi have left most of the community puzzled. Chris Burniske, the founder of Place Holder, who seems to be aware of the insider information, exclaimed, “Wow, things are getting exciting.”
Solend founder Rooer took the opportunity to publish a lengthy article recounting the history between Solend and Marginfi. In his account, he mentioned that the Marginfi team resorted to any means necessary to compete, including spreading rumors about Solend, claiming that all Solend TVL came from Alameda and that Solend v2 had no TVL. The screenshots released by Rooer showed that they had contacted the OKX wallet team and discovered that the Marginfi team had discouraged them from developing business relationships with Solend because Solend was associated with “FTX old money.”
Furthermore, Rooer accused the Marginfi team of frequently participating in negative discussions about Solend. He provided evidence that Mac Brennan, Marginfi co-founder, had made tweets mocking and attacking Solend, persistently engaging with Rooter’s tweets. “We initially refused to engage and provide them with attention. But the noise didn’t stop, and since we didn’t fight back, they kept attacking.”
Meanwhile, Mac Brennan, the Marginfi co-founder mentioned by Rooter, faced a “character attack” after his detailed analysis and timeline response to Blaze’s accusations. Before Rooter’s tweet, Brennan had already published a lengthy post explaining his behavior on social media, stating that everything was just for clicks and traffic. After providing proof of his character and marketing abilities, Brennan concluded his response by stating, “Everything we do is for the users, and we will continue to do so.” However, judging from the comments, the community was not convinced by Brennan’s attention-seeking marketing strategy, with one comment mocking, “TLDR: This guy has split personality disorder.”
Apart from the exchange between Rooter and Mac Brennan, the entire community, as “onlookers,” has expressed their own opinions. Some sympathize with Edgar, while others question if the team is staging a show. However, the majority of voices remind users to withdraw their funds from Marginfi. After the dramatic events unfolded, Marginfi’s TVL currently stands at $650 million, with a 24-hour decrease of 18.85%, being surpassed by Raydium.
Since the FTX incident, the progress of the entire Solana ecosystem’s silent construction has been evident in the market. Solana is undoubtedly the fastest-growing ecosystem with the strongest fundraising effect since 2024. However, due to the numerous projects, competition for market attention resources has intensified, as seen in the dramatic events involving Marginfi, SolBlaze, and Solend. Whether the entire ecosystem can return to calmness after the negative publicity caused by the congestion on the Solana network still remains to be observed.
This article is authorized and reprinted from BlockBeats by Kaori and Joyce.
