CryptocurrencyDeFiNews

Fei Protocol Founder Offers a New Proposal For the Future Of Tribe DAO

In April this year, an attack – due to which up to $80M were drained from diverse pools from Rari Fuse – needed the decentralized finance (DeFi) venue named Fei Protocol to have a solution for decreasing the damage posed to the ecosystem. The community responded with mixed sentiments to the latest proposal of Fei Labs – which in part suggests invalidating the participation done by Tribe DAO.

Joey Santoro Declared Fei Protocol’s New Protocol

Joey Santoro, the founder of Fei Protocol, declared the latest proposal, disclosing the commitment of the firm to compensate Fuze victims. Additionally, it provides particulars of the strategy for the redemption of the assets as well as dissemination of protocol-controlled value (PCV) assets by which the yield and liquidity are systemized. Joey Santoro posted on his official Twitter account that a lot of difficulties have been faced by the Tribe DAO in the previous months.

He added that the respective situation was extremely opposite to the one that the community expected. As per him, following a thorough contemplation, the respective proposal aims at facilitating the entirety of the stakeholders. According to him, an appropriate way forward is given by this proposal. He expects the respective proposal to be compatible with the requirements of the community.

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The participants of the platform’s community objected to the deficiency of timelines as well as the hard numbers existing within the very proposal. Among the members, one going by the name “Onigiri” noted that probably does not have trust in the venue. He also mentioned that this unclear proposal – which may have been overlooked by the aggressive lawyers’ group – perhaps no favor of the consumers.

Proposal Recommends Revoking Participation in the Tribe DAO

Formerly, Fei Protocol offered an amount of nearly $10M as a reward for returning assets of up to $80M worth, which did not get any response from the respective hacker. In this respect, Fei Protocol tweeted that they were in knowledge of the exploit on several pools of Rari Fuse. The protocol disclosed that the chief reason has been caught by them and they have halted the entirety of the borrowing operations to minimize the additional damage.

While pursuing a responsible direction to minimize the hazard, the protocol aims to protect the peg of FEI without the requirement for governance. The protocol moved on to assert that on the accomplishment of the above-mentioned proposal, regardless of the if the separate parts thereof succeed or fail, no participation will be made by Fei Labs in the Tribe DAO.

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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