Ramazan Eles 
A clash between Solana-based DeFi protocols MarginFi and Solend has sent shockwaves through the ecosystem, leading to significant power shifts and dramatic price movements.
Investors have withdrawn over $200 million from MarginFi in favor of rival platforms like Solend and Kamino. Solend’s token airdrop announcement attracted substantial inflows, driving 24-hour trading volume to $17 million. Kamino witnessed the most significant surge, onboarding $81 million in fresh deposits.
Solend founder 0xRooter accused MarginFi of spreading false narratives and engaging in smear campaigns.
“Last July, MarginFi attempted to discredit Solend and its peers through backchannels. They spread misinformation and constantly badmouthed Solend to boost their own engagement.”
Solend’s native token soared by 30%, climbing from $1.36 to $1.77. However, the rally proved short-lived, with prices quickly retracing back to the $1.36 range.
Despite the recent turmoil, MarginFi remains Solana’s second-largest DeFi platform.