Tribe DAO has announced plans to shut its doors and will transfer cryptocurrency to <a href="https://www.cryptoknowmics.com/glossary#token">token</a> holders and anyone harmed by the $80 million Rari attack earlier this year as part of a multi-million dollar reclamation scheme.

Tribe DAO, which last year completed the largest <a href="https://www.cryptoknowmics.com/news/top-5-defi-tokens-of-the-week-that-you-can-invest-in/" target="_blank" rel="noopener">DeFi</a> merger in history by acquiring Rari, has put up an approximately $157 million redemption proposal to disperse any residual DAO-controlled assets to TRIBE holders and recompense those harmed by the April Rari theft. Any permission would have to be decided upon by token owners during the future DAO vote.

Rari Capital, a technique that lets users design unique financing and lending markets for different assets, saw the depletion of seven of its so-called fuse pools at the end of April for a total of almost $80 million. With the teams' 88.9 million unvested TRIBE tokens, they plan to distribute $16 million as compensation to victims under the <a href="https://tribe.fei.money/t/tip-121-proposal-for-the-future-of-the-tribe-dao/4475" target="_blank" rel="nofollow noopener">redemption plan</a>.

On July 1st, the vesting term for the team's tokens will expire. The DAO-controlled assets are estimated to be worth $141 million and would be allocated among TRIBE holders proportionally.
<h2>Tribe DAO - A Hybrid</h2>
According to the proposal, the present global macro climate, the Rari breach, and potential regulatory issues are the driving forces for Tribe DAO's decision. The plan warned that any of the growing mechanical, economic, and regulatory issues might make the project far worse off than it is now.

The plan consists of three parts: consolidation (of DAO funds), compensation for victims of the fuse breach, and complete redemption. There will be separate, independent snapshots for each component. The proposal's proponent, Fei Labs, indicated that they used the snapshots to decide what elements to include in the on-chain vote and whether to amend or change any components.

Tribe DAO Wants To Redeem Token Holders And Victims Of The Rari Attack

Tribe DAO, which last year completed the largest DeFi merger in history by acquiring Rari, has put up an approximately $157 million redemption proposal.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Tribe DAO Wants To Redeem Token Holders And Victims Of The Rari Attack

Top Picks