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Tribe DAO vote
Tribe DAO has passed a vote and unanimously repaid the victims of the $80 million hack on Rari Capital’s liquidity pool.
After several rounds of voting and governance proposals, Tribe DAO, including Midas Capital, Rari Capital, Fei Protocol and Volt Protocol, made a voting decision on September 18 with the intention of fully refunding the victim.
Data from voting platform Tally shows that 99% of those who voted in favor and the proposal was made on September 20. Individual users will be returned in FEI, while DAO will be paid in DAI.
Users will also have to sign a commitment to waive all liability.
Fei’s founder Joey Santoro said on Twitter that the payment would be made 24 hours after the vote was passed.
1/ The Rari Fuse Hack Payment has passed on-chain to FULLY pay the victims in 24 hours.
This is a big moment in these final governance decisions of the Tribe DAO.
— Joey 💚’s ERC-4626 🦇🔊 (@joey__santoro) September 19, 2022
Total payouts of FEI 12.68 million are trading at $0.97 at time of writing and $26.61 million DAI is trading at $1, according to data from Ecoinomic.io.
Failure in the governance of Tribe DAO
The vote was one of tribe DAO’s final governance decisions before announcing its decommissioning plan.
In the Aug. 20 proposal, “challenging macro environments” and “specific challenges such as Rari Capital’s Fuse hack” were said to be all determinants of Tribe DAO’s decommissioning.
“At this stage, a responsible choice for the DAO to consider is leaving the protocol in a state which would defend the FEI peg without the need for governance.”
The entire reimbursement process for victims of the hack was taken place through snapshot and on-chain signal polls. However, after many votes, Tribe DAO came to a final unanimous decision.
In a Twitter post on September 20, Joey Santoro explained the challenges faced in finding a solution and hoped that other DAOs could learn from the incident.
“The biggest lesson here is that DAOs should not have to make decisions like this after the fact. An explicit upfront policy, ideally with on-chain enforcement, would have saved the DAO from needing to venture into uncharted governance territory.”
6/
I hope everyone can take away these lessons and know that all of the stakeholders truly did their best in an unprecedented situation.— Joey 💚’s ERC-4626 🦇🔊 (@joey__santoro) September 19, 2022
