Founder Driven Out TVL Plunges 20 What Happened to Marginfi

Author: Kaori, Joyce, Rhythm BlockBeats
This morning, Edgar Pavlovsky, the founder of the Solana ecological guarantee agreement Marginfi, announced on social media that he has resigned from the Marginfi team. The reason for his resignation is the inability to agree with the way things are done internally or externally in the team.
He mentioned that lawyers are currently solving the problem of the founder leaving the team. “Even though my recent financial situation has been very poor, my personal income has almost dropped to zero, but I have told all relevant personnel that I don’t care about tokens, money, or anything else,” Edgar said in the article, stating that he currently has no next plan.
For a project that is on the rise, the founder’s departure from the team is undoubtedly a heavy blow. Although Edgar did not specify what exactly led to the team’s breakup, the community generally associates his departure with the previous SolBlaze accusation against Marginfi.
SolBlaze is an LST project on Solana, which accused Marginfi of manipulating BLZE emission distribution last night, causing losses to users. “In the past three emission periods (three weeks), Marginfi has failed to load the allocated BLZE emissions into its reward system for users to claim, and the BLZE sent from emission distribution only exists in its team’s multi-signature,” SolBlaze announced the immediate suspension of emissions distribution of bSOL and BLZE stored on Marginfi.
SolBlaze also added that they contacted Marginfi co-founder Mac Brennan about the issue of emission shortage, but did not receive a response. Marginfi also did not convey any information about delayed emissions to SolBlaze in the past few weeks.
Perhaps Edgar’s reason for leaving is related to how the Marginfi team handled the matter with SolBlaze. At the time of writing, SolBlaze stated that they had reached a settlement with Marginfi, but before the community could recover, a new protagonist joined the dispute.
Marginfi attacked by vampires, revealing past dramas
An hour after Edgar’s post, Solend officially announced that they would airdrop to users who withdrew from Marginfi and deposited into Solend. The specific airdrop quantity will be proportional to the dollar value transferred by the user, and the funds must be held for a certain period to qualify.
The founder’s resignation and the vampire attack on Marginfi have left most of the community puzzled, while Place Holder founder Chris Burniske, who seems to be familiar with the insider of the matter, exclaimed, “Wow, things are getting exciting.”
Solend founder Rooer took the opportunity to publish a long article detailing the past grievances between Solend and Marginfi.
In his narrative, the Marginfi team used all means to compete, including spreading rumors about Solend, claiming that all Solend TVL came from Alameda, and that Solend v2 had no TVL. Screenshots released by Rooter showed that they had contacted the OKX wallet team and found that the Marginfi team had discouraged the OKX team from developing a business relationship with Solend because Solend was associated with “FTX old money.”
In addition, Rooter accused the Marginfi team of frequently participating in those Solend’s “black posts.” “Marginfi often speaks ill of Solend in posts and interacts with them.” Rooter also provided evidence that Marginfi co-founder Mac Brennan had posted tweets mocking and attacking Solend, and relentlessly pursued him under Rooter’s tweets. “We initially refused to participate, didn’t want to give them heat. But the voices continued, we didn’t fight back, and they kept attacking.”
Here, Marginfi co-founder Mac Brennan, who had just finished responding to Blaze’s accusations in detail, faced a “character attack.”
Before Rooter’s tweet, Brennan had already published a long article explaining his behavior on social media, stating that “everything is just to increase clicks and traffic.” After proving his character and marketing abilities, Brennan responded with “Everything we do is for users, and we will continue to do so.” However, judging from the comments, the community did not buy into Brennan’s strategy of riding on the popularity, with one comment sarcastically saying, “TLDR: Dude has split personality disorder.”
Outside of the “showdown” between Rooter and Mac Brennan, the entire community, as “onlookers,” has expressed their opinions. Some express sympathy for Edgar, while others question the team’s performance, but the most common voice is reminding users to withdraw funds from Marginfi. After the dramatic events unfolded, Marginfi’s current TVL is $650 million, with a 24-hour decrease of 18.85%, overtaken by Raydium.
Since the FTX explosion incident, the achievements of the entire Solana ecosystem’s silent construction market have been evident. Solana is undoubtedly the fastest-growing and most financially attractive ecosystem since 2024. However, due to the numerous projects, the competition for market attention resources is more intense, as seen in the drama between Marginfi and SolBlaze, Solend. Whether the entire ecosystem can return to calm after the negative public opinion caused by the congestion of the Solana network remains to be seen.
This article is authorized for reprinting by Rhythm BlockBeats.