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The founder of Fei Protocol proposes to pay Tribe DAO back for the hack

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News Tech: The decentralised finance (DeFi) platform Fei Protocol was forced to develop a response that minimises harm to the ecosystem after an attack in April 2022 that syphoned off almost $80 million from several Rari Fuse pools. Community reaction to Fei Labs’ most recent proposal, which calls for partially removing Tribe DAO’s involvement, was ambivalent.

Community members questioned the proposal’s lack of deadlines and precise numbers.

Joey Santoro, the founder of Fei Protocol, revealed the plan to compensate Fuze victims in the company’s most recent proposal, TIP-121: Proposal for the Future of the Tribe DAO. Plans for asset redemption and the distribution of assets with protocol-controlled value (PCV) that govern yield are also covered in detail.

One of the members, onigiri, stated:

On the plus side, Ethereum-based algorithmic stablecoin project Beanstalk Farms reopened after being shut down due to a $77 million governance vulnerability just four months later.

“Beanstalk has come out on the other end of this ordeal stronger than ever. It is a testament to the creditworthiness of the protocol and its potential to help realize a permissionless future,” said Publius, the developer group behind the BEAN stablecoin and protocol, speaking to source.

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