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The Creator of the Fei Protocol Has a New Idea for the Development of Tribe DAO

The Creator of the Fei Protocol Has a New Idea for the Development of Tribe DAO

Fei Protocol To mitigate the threat to the ecosystem following an attack in April this year, when up to $80M were stolen from various pools on Rari Fuse, the decentralized finance (DeFi) venue known as Fei Protocol had to come up with a plan. The community has responded in different ways to Fei Labs’ latest proposal, which suggests in part nullifying the participation done by Tribe DAO.

As Joey Santoro announced, the new protocol for the Fei system

The latest proposal was announced by Fei Protocol’s founder Joey Santoro, who also revealed the company’s intention to compensate those who lost money due to Fuze. Also included are specifics on how the assets will be redeemed and how the protocol-controlled value (PCV) assets that systematize yield and liquidity will be distributed. On his verified Twitter account, Joey Santoro revealed the Tribe DAO has been experiencing significant challenges in recent months.

He elaborated by saying that the condition was totally counter to what people had anticipated. According to him, the proposal in question was developed with the intention of helping all relevant parties. This proposal, he argues, provides a reasonable next step. The respective proposal must meet the needs of the community, according to his expectations.

Community members of the platform were dissatisfied with the proposal because it lacked specific dates and numbers. One of the group members identified only as “Onigiri” pointed out that they likely do not feel comfortable in the location. He added that this muddled proposal, which the aggressive lawyers’ group might have missed, might not be in the consumers’ best interests.

Removal from the Tribe DAO is advocated for in this proposal.

Fei Protocol had previously offered a reward of well almost $10M for the return of assets worth up to $80M, but had received no responses from the respective hacker. Fei Protocol tweeted that they knew about the vulnerability in multiple Rari Fuse pools. According to the protocol, the main cause has been identified, and all loans activities have been suspended until further notice in an effort to mitigate any potential further harm.

The protocol’s goal is to safeguard FEI’s fulcrum without calling for oversight, all the while moving in a responsible direction to reduce risk. The protocol continued by stating that Fei Labs will not participate in the Tribe DAO if the aforementioned proposal is implemented, regardless of the success or failure of its individual components.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.