An attack in April 2022, which drained nearly $80 million from various Rari Fuse pools, forced decentralized finance (DeFi) platform Fei Protocol to devise a solution that would minimize damage to the ecosystem.. Fei Labs’ latest proposal, recommending in part to revoke Tribe DAO’s participation, received mixed feelings from the community.
Fei Protocol founder Joey Santoro announced the latest proposal, TIP-121: Proposal for the future of Tribe DAO, revealing the company’s intention to reimburse Fuze victims. It also details plans for asset redemption and distribution of Protocol Controlled Value (PCV) assets that manage liquidity and performance.
I hope this proposal resonates with the community and thank you for your support.https://t.co/RjpS9j4x2H
— Joey’s ERC-4626 (@joey__santoro) August 19, 2022
I hope that this proposal resonates with the community and I thank you for your support.
Community members questioned the lack of timelines and hard numbers in the proposal.
One of the members, onigiri, stated:
“I think trust has been broken, and I can’t believe that such a vague proposal, likely disregarded by an army of bloodthirsty lawyers, would favor users.”
Fei Protocol previously offered the hacker a $10 million reward for the return of assets amounting to 80 million dollars, which received no response from the hacker.
We are aware of an exploit on various Rari Fuse pools. We have identified the root cause and paused all borrowing to mitigate further damage.
To the exploiter, please accept a $10m bounty and no questions asked if you return the remaining user funds.
— Fei Protocol (@feiprotocol) April 30, 2022
We are aware of an exploit in various Rari Fuse pools. We have identified the root cause and have stopped all lending to mitigate further damage.
We ask the exploiter to please accept a $10 million reward, no questions asked, if he returns any remaining user funds.
While seeking responsible management that reduces risk, the protocol intends to uphold FEI parity without the need for governance. “Upon completion of this proposal, and regardless of whether individual pieces of it fail or succeed, Fei Labs will no longer participate in Tribe DAO.“, reads the proposal.
On the bright side, the Ethereum-based algorithmic stablecoin project, Beanstalk Farms, relaunched just four months after closing following a $77 million governance exploit.
Today, Beanstalk Farms is thrilled to announce that Beanstalk has been Unpaused on the one year anniversary of its initial deployment.https://t.co/HxZmwWksZe
— Beanstalk Farms (@BeanstalkFarms) August 6, 2022
Today, Beanstalk Farms is pleased to announce that Beanstalk has been reactivated on the first anniversary of its initial deployment.
“Beanstalk has come out of this test stronger than ever. It is a testament to the solvency of the protocol and its potential to help realize a permissionless future.Publius, the developer group behind the stablecoin and the BEAN protocol, told Cointelegraph.
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