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.
I really hope this proposal resonates using the community and appreciate your support.https://t.co/RjpS9j4x2H
— Joey ’s ERC-4626 (@joey__santoro) August 19, 2022
People from the community asked the possible lack of timelines and difficult figures inside the proposal.
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.
We know about an exploit on various Rari Fuse pools. We’ve identified the main cause and stopped all borrowing to mitigate further damage.
Towards the exploiter, please pay a $10m bounty with no questions requested should you return the rest of the user funds.
— Fei Protocol (@feiprotocol) April 30, 2022
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.
Today, Beanstalk Farms is happy to announce that Beanstalk continues to be Unpaused around the twelve months anniversary of their initial deployment.https://t.co/HxZmwWksZe
— Beanstalk Farms (@BeanstalkFarms) August 6, 2022
“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.
