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fter months of volatility, the platform has voted to reimburse affected users of the $80 million exploit on the liquidity pools of decentralized finance platform Rari Capital.

Following numerous rounds of voting and governance initiatives, Tribe DAO, comprised of Midas Capital, Rari Capital, Fei Protocol, and Volt Protocol, put the decision to a vote on September 18 to fully compensate victims.

According to data from the on-chain voting platform Tally, 99% of the people who voted were in favor, and the proposal was implemented on September 20.

Individual users will be compensated in FEI, while DAOs will be compensated in DAI, according to the description beneath the voting data. Users would also be required to sign a message waiving liability.

On Twitter, Fei founder Joey Santoro stated that the compensation would be created 24 hours after the vote.

According to CoinGecko data, the total amount due is 12.68 million FEI, which is currently trading at $0.97, and 26.61 million DAI, which is currently trading at $1.

The "demanding macro environment" and "key challenges such as Rari Capital's Fuse hack," they explained in their Aug. 20 proposal, all were aspects of the decision.

"At this point, the DAO would be wise to leave the protocol in a state that would protect the FEI peg without the requirement for governance."

The method of refunding victims of the hack has been underway for some time, with several rounds of voting via snapshot indicating polls and on-chain; however, none of these have resulted in a resolution for affected users.

Joey Santoro explained the difficulties they all faced in coming up with a solution in a Sept. 20 Twitter post, and he hopes that other DAOs can gain knowledge from the incident.

"The most important takeaway here is that DAOs should not be forced to make decisions like this after the fact; a clear and specific upfront policy, preferably with on-chain regulation, would have saved the DAO from wandering into unknown governance territory."

Following the hack, the hackers were offered a $10 million bounty, but it was never revealed whether they responded.

What do you think about Tribe DAO’s decision to compensate victims of the hack? Let us know your thoughts by sharing this article on social media.

Posted 
Sep 22, 2022
 in 
Crypto News
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