Collateralization under stress
Save (formerly Solend)'s assessment for RD-F-068 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
November 2022 SOL congestion event is the direct stress-test: SOL collateral ($32.6M) fell below borrowed USDC ($29.7M) during a rapid SOL -50% move + network congestion, resulting in $6M bad debt. Collateralization ratio fell below 100% for that position. Isolated pool architecture limits contagion between pools. Main pool remains exposed to large concentrated positions under correlated-stress scenarios. Current healthy positions are expected above 110% given kinked-curve incentives, but historical stress evidence warrants yellow.
Sources #
- URLSolend Struggling to Liquidate SOL Loan Due to Congestion — CryptoNewsCryptonews: Solend struggling to liquidate SOL loan due to congestion, SOL down ~50% in 3 daysretrieved 2026-05-17
- Solend accrues $6M in bad debt — The BlockThe Block Nov 2022: $29.7M USDC borrowed against $32.6M SOL collateral, position fell underwater, $6M bad debt realizedretrieved 2026-05-17
Methodology #
Determine whether under curator-defined stress scenario (top-3 collateral assets drop 50%), protocol net collateralization falls below 110%.
See the full factor methodology and distribution across all protocols →