The founder was driven away and TVL plummeted by 20%. What happened to Marginfi?

This morning, Edgar Pavlovsky, founder of Solana's ecological margin agreement Marginfi, announced on social media that he had resigned from the Marginfi team because he disagreed with the way things were done inside or outside the team.

He said that a lawyer is currently working on the founder's departure. "Even though my recent financial situation has been poor and my personal income has almost returned to zero, I have told everyone involved that I don't care about tokens, money or anything else," Edgar said in the article. He said he currently has no plans for the next step.

The founder's post about leaving the team is undoubtedly a heavy blow to a project that is on the rise. Although Edgar did not specify what caused the team to break up, the community generally linked his departure to SolBlaze's previous accusation against Marginfi.

SolBlaze, the LST project on Solana, accused Marginfi of manipulating BLZE emission allocations last night, causing losses to users. "In the past three emission cycles (three weeks), marginfi failed to load the allocated BLZE emissions into its reward system for users to claim, and the BLZE sent from the emission allocation only existed in the multi-signature of its team." Therefore, SolBlaze announced the suspension of the emission allocation of bSOL and BLZE stored on Marginfi, effective immediately.

SolBlaze also added that it contacted Marginfi co-founder Mac Brennan about the issue of insufficient emission replenishment but did not receive a response, and Marginfi has not communicated any information about delayed emissions to SolBlaze in the past few weeks.

Perhaps the reason for Edgar’s departure is related to the way the Marginfi team dealt with the SolBlaze incident. As of the time of writing, SolBlaze said it had reached a settlement with Marginfi, but before the community could come to its senses, a new protagonist joined the dispute.

Marginfi was attacked by a vampire, and its rival exposed its past drama

One hour after Edgar posted the article, Solend officially announced that it would airdrop to users who withdrew funds from Marginfi and deposited them into Solend. The specific amount of airdrops will be proportional to the dollar value transferred by the user, and the funds must be stored for a period of time to be eligible.

The founder’s departure and the vampire attack on Marginfi puzzled most of the community, while Chris Burniske, the founder of Place Holder, who seemed to be aware of the inside story, said, “Wow, things are getting exciting.”

Solend founder Rooer took the opportunity to publish a long article detailing the past disputes between Solend and Marginfi.

In his narrative, the Marginfi team used all means to compete, including spreading rumors about Solend, saying that all Solend TVL came from Alameda and Solend v2 had no TVL. The screenshots released by Rooter showed that they had contacted the OKX wallet team and found that the Marginfi team had dissuaded the OKX team from developing a business relationship with Solend because Solend was related to “FTX old money.”

In addition, Rooter also accused the Marginfi team of frequently participating in those "black posts" of Solend, "Marginfi often speaks ill of Solend in posts criticizing Solend and interacts with them." Rooter also released evidence that Marginfi co-founder Mac Brennan once tweeted to satirize and attack Solend, and followed up on Rooter's tweets. "We initially refused to participate and didn't want to give them heat. But the voices were endless, and we didn't fight back, so they kept attacking."

Here, Marginfi co-founder Mac Brennan, who was hung out, had just finished analyzing each point and arranging the timeline to respond to Blaze's accusations, and was attacked by "character attacks" again.

Before Rooter posted his tweet, Brennan had already published a long article explaining his actions on social media, "Everything is just to increase clicks and traffic." After proving his character and marketing ability, Brennan ended his response with "Everything we do is for users, and we will continue to do so." However, judging from the comments, the community does not buy into Brennan's marketing strategy of riding on the popularity. One comment mocked "TLDR: Dude has split personality disorder."

In addition to the "confrontation" between Rooter and Mac Brennan, the entire community, as a "spectator crowd", expressed their opinions one after another. Some expressed sympathy for Edgar, while others questioned the team's showmanship, but the most voices reminded users to withdraw funds from Marginfi. After the above dramatic events, Marginfi's current TVL is 650 million US dollars, a 24-hour drop of 18.85%, surpassed by Raydium.

Since the FTX explosion, the market has seen the results of the silent construction of the entire Solana ecosystem. Solana is undoubtedly the fastest-growing and most profitable ecosystem since 2024. But it is precisely because of the large number of projects that the competition for market attention resources is more intense, as can be seen from the dramatic events between Marginfi and SolBlaze and Solend. The Solana DeFi circle has taken over the negative public opinion caused by the congestion of the Solana network. It will take time to observe whether the entire ecosystem can return to peace.

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