Sam Kazemian, the founder of the Stablecoin Frax project, expressed his disappointment with the Fei Protocol method and reimbursement strategy to those affected by the hack.
The main problem is that Fei Protocol doesn’t seem to have plans to reimburse all, including Frax, that were affected by the hack.
In December, the Fei Protocol project merged with the DeFi Rari protocol and became two connected protocols controlled by Tribe DAO. The project was hacked for $80 million, and Tribe DAO offered a compensation package. by aiming at compensation for victims which ultimately results in the decay of the DAO itself.
However, Kazemian did.disputeOn Twitter, the plan provides compensation for protocols that are only slightly affected, including Frax and Olympus, as well as individuals affected by the hack. He claimed that the protocol could trade all stablecoins in return for all the victims. And there are still millions left for Tribe DAO.
“Disabling a DAO honorably, ethically and respectfully is perfect. the money is there full repayment Perfect Atonement I really don’t understand how it is possible to look at this and decide. “Let’s go get some rest,” he said.
He added: “This is one of the most incredible situations I’ve ever seen.”
Jack Longarzo, Principal Sponsor of Rari Capital acceptthat while atonement addresses the most affected But “a large number of victims will only receive a partial refund.”
Frax is a stablecoin project that can compete with Fei, Kazemian.openly criticizeIn the past, however, the fates of the two projects were increasingly connected due to the hack.
Some thoughts on $FEI..
(obviously take this with a huge grain of salt as $FRAX is the only other algo coin in the @Uniswap top10. So it goes without saying I have some bias)
But as someone deep in the algo stablecoin space, I think there’s important predictions to make.
— Sam Kazemian (¤, ¤) (@samkazemian) April 4, 2021
Kazemian said Frax was one of Fei’s biggest supporters and users, acknowledging that Frax was affected by the hack. He said he had tried to contact protocol founder Joey Santoro, but to no avail.
Tribe DAO has decided to close the operation. before that The platform plans to buy back 157 MILLION TRIBE to distribute crypto assets to token holders and Rari hack victims.
Joey Santoro, Founder of Fei Protocol Announcesoffer TIP-121 : For the future of Tribe DAO, revealing the company’s intent to indemnify Fuze victims. It also details a protocol-controlled asset reimbursement and diversification plan (PCV) that manages liquidity and returns.
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
The post, the founder of Frax, said the Fei Protocol action was ‘DeFi’s bottom line’ appeared first on Bitcoin Addict.