Fei Protocol founder proposes ghosting Tribe DAO following hack repayment

A panic attack in April 2022, which drained off nearly $80 million from various Rari Fuse pools, needed the decentralized finance (DeFi) platform Fei Protocol to generate an answer that minimizes harm to the ecosystem. Fei Labs’ latest proposal, which partially recommends revoking participation from Tribe DAO, received mixed sentiments in the community.

Fei Protocol founder Joey Santoro announced the most recent proposal, TIP-121: Proposal for future years from the Tribe DAO, revealing their intent to compensate Fuze victims. Additionally, it details plans for asset redemption and also the distribution of protocol-controlled value (PCV) assets that manage the liquidity and yield.

People from the community asked the possible lack of timelines and difficult figures inside the proposal.

A snippet from the proposal TIP-121. Source: tribe.fei.money

Among the people, onigiri, mentioned:

“I think trust continues to be damaged, and that i can’t believe such vague proposal most likely overlooked by a military of bloodstream-thirsty lawyers come in the users’s favor.”

Fei Protocol formerly offered the hacker a $ten million bounty for coming back the $80 million price of assets, which received no response in the hacker.

While seeking an accountable direction that reduces risk, the protocol promises to defend the FEI peg without resorting to governance. “Upon completing this proposal, and regardless of if the individual bits of it fail or succeed, Fei Labs won’t be taking part in the Tribe DAO,” browse the proposal.

Related: BlueBenx fires employees, halts funds withdrawal citing $32M hack

Around the positive side, Ethereum-based algorithmic stablecoin project Beanstalk Farms relaunched just four several weeks after shutting lower carrying out a $77 million governance exploit.

“Beanstalk originates out alternatively finish of the ordeal more powerful than ever before. It’s a proof of the creditworthiness from the protocol and it is possibility to help realize a permissionless future,” stated Publius, the developer group behind the BEAN stablecoin and protocol, talking with Cointelegraph.

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