scnSOL is now deprecated on Solend’s main pool — please withdraw your scnSOL by 9/28
tl;dr: scnSOL is now deprecated on Solend’s Main Pool. You must withdraw all your deposited scnSOL on the main pool by 28th September, 0:00 UTC. If you do not, all your scnSOL will be forcibly sold.
We’re sorry to say that Solend has deprecated scnSOL (as well as all Saber LPs) in Solend’s Main Pool. You must withdraw all your deposited scnSOL on the main pool by the 28th September, 0:00 UTC. If you do not do so after that time, all your supplied scnSOL will be forcibly sold at the prevailing market price.
I had many conversations with the Solend team about why they are doing this. From our discussions I understand that Solend is now taking a much more conservative approach with their main pool: they are taking a long hard look at all the assets that they have in it. In the case of scnSOL the Solend team told me that scnSOL’s relatively low liquidity makes it too risky to keep on the main pool.
We cherish each and every one of our users who have supported us. While we have not yet issued the SOCN governance token, we believe it’s important to honour any and all SOCN rewards you earned from depositing scnSOL on Solend. We have collected all the addresses of scnSOL depositors and will airdrop the SOCN token to these depositors when we release our token.
If you would like to continue using scnSOL as collateral, we have opened a new Staked SOL Pool on Solend, where you may use scnSOL to borrow SOL and USDC. You can also use scnSOL on other lending protocols such as Apricot and Larix.
Here at Socean, we are working day and night to make staking on Solana better. We are working with validators and oracles to solve the issue of liquidity once and for all — expect a series of announcements over the next few weeks and months on this.
Thanks once again for your support and trust in us.
Co-founder of Socean Finance
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