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Top cryptocurrency news: Fei Protocol Founder Proposes Ghosting Tribe DAO Following Hack Repayment

20-Aug-2022 By: Divya Behl
Top cryptocurrency n

An April 2022 attack that stole approximately $80 million from several Rari Fuse pools compelled the decentralized finance (DeFi) platform Fei Protocol to develop a solution that minimized ecosystem damage. 

The community has mixed feelings about Fei Labs' recent proposal, which partly proposes withdrawing membership from Tribe DAO.

Fei Protocol founder Joey Santoro presented the latest proposal, TIP-121: “Proposal for the Future of the Tribe DAO,” confirming the company's intention to compensate Fuze victims. It also discusses asset redemption strategies and the distribution of protocol-controlled value (PCV) assets that manage liquidity and yield.

Members of the community expressed concern about the proposal's lack of timelines and hard numbers.

Onigiri, one of the members, commented, "I believe confidence has been broken, and I can't imagine such a vague plan, likely neglected by an army of bloodthirsty attorneys, will be in the users' favor."

Fei Protocol previously offered the hacker a $10 million bounty for returning the $80 million in assets, but the hacker did not respond.

While adopting a prudent approach that avoids risk, the protocol strives to safeguard the FEI peg without the necessity for oversight. Fei Labs will no longer participate in the Tribe DAO once this proposal is completed, regardless of whether the individual components of it fail or succeed, according to the proposal.

On the positive side, Beanstalk Farms, an Ethereum-based algorithmic stablecoin project, resurfaced barely four months after being shut down due to a $77 million governance hack.

Speaking to sources, Publius, the developer group behind the BEAN stablecoin and protocol said that "beanstalk has emerged from this struggle stronger than ever before. It demonstrates the system's credibility and promises to help create a permissionless future.”

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