The attack in April of 2022, which exhausted off close to $80 million from various Rari Fuse pools, needed the decentralised finance (DeFi) platform Fei protocol to bring a solution for minimising damage to the ecosystem, as reported by Cointelegraph. Fei Labs’ recent proposal, which to a certain extent advises revocation of participation from Tribe DAO, received mixed reactions from members of the community.
According to Cointelegraph, Joey Santoro, founder, Fei protocol, announced the platform’s latest proposal TIP-121, for the future of Tribe DAO, unveiling that the company’s intent to reimburse Fuze victims. It also showed plans for asset redemption and distribution of protocol controlled value (PCV) assets to manage liquidity and yield. Members of the community raised questions about the lack of timeliness and hard numbers within the proposal. Reportedly, Fei protocol offered the hacker a sum of $10 million for returning the $80 million worth of assets, which had no responses from the hacker. “I think trust has been broken, and I can’t believe such a proposal probably overlooked by an army of lawyers will be in the users’s favor,” member onigiri said.
On the basis of information by Cointelegraph, while looking for a direction to reduce risk, the protocol intends to defend the FEI peg without the implications of governance. “Upon completion of this proposal, and irrespective of whether the individual pieces of it fail or succeed, Fei Labs will no longer be participating in the Tribe DAO,” the proposal read. Ethereum-oriented algorithmic stablecoin project Beanstalk Farms was relaunched four months of its shutdown, following a $77 million governance exploit. “Beanstalk has come out on the other end of this ordeal. It is a testament to the creditworthiness of the protocol and its potential to help realise a permissionless future,” said Publius, the developer group behind the BEAN stablecoin and protocol, speaking to Cointelegraph.
(With insights from Cointelegraph)
Also Read: EDM artist R3HAB and anotherblock unveil NFTs of their latest music drop
Follow us on Twitter, Facebook, LinkedIn
