Tribe community, supporters of the old Rari Capital DAO, and the Fei DAO,
I’d like to give my perspective on this matter and share a high-level timeline. I will focus on the challenges we faced and the team’s evolution over these past few months.
When the idea of a merge was first proposed, like many community members and contributors, I was intrigued and optimistic about its potential. Fei and Fuse complemented each other very well and the two highly talented teams got along well. We were aligned in mission and in culture.
In early January a new chapter began for Rari. A funding proposal allocating resources to the Rari Capital team passed, the contributors got together to discuss compensation, and we were off to the races. Not long after these discussions, it became apparent that the two Rari co-founders had little intention to lead the team, grow the protocol, and pursue the vision they presented to the community and contributors.
The team was left with a sharp void in engineering resources. Complex codebases were abandoned by their creators and left to newer contributors to pick up. Systemic issues within the Fuse protocol itself came to light.
While far from their original mandate, leaders stepped up internally to combat these issues. All still believe in the original vision for the Tribe and want to see it come to fruition. Contributors have grown into leaders and the team has made a number of hires. Myself and many other contributors are optimistic about the future of lending within the Tribe.
There will likely need to be significant changes to the Rari Capital team, its relationship with the Tribe DAO, and the Fuse protocol. These discussions will occur at a later date. On behalf of the existing Rari team, we remain strongly committed towards the future prosperous and multifaceted vision for Tribe DAO. Beyond safety and security for Fuse-V1, a lot of work has gone into the engineering of a next-generation lending market which we believe will be one of the most innovative borrowing and lending protocols in DeFi today.