First, I’d like to thank @joey and the Fei Labs team. Fei has been at the forefront of multiple important experiments for DeFi as a whole; PCV, protocol:protocol mergers, and now, a DAO wind-down. These experiments are what future teams learn from, and build from–Fei will certainly have a chapter in a DeFi textbook one day!
Second, thank you for initiating a wind-down proposal to the DAO; it takes a lot of courage to recognize the need to make a hard decision, and to make it. Overall, this proposal will leave the entire Tribe ecosystem in a better place.
While DeFi might have its own rules and technologies, this wind-down process should learn from (or be inspired by) widely accepted principles from finance; that “creditors” be fully repaid before anybody else benefits.
- Everyone seems to agree that FEI stablecoin holders should be fully repaid (or fully backed following a wind-down); there seems to be disagreement (or misunderstanding) around how Rari hack victims will or should be repaid.
- As a first principle, it should not matter–at all–whether a hack victim was a smart contract/protocol or EAO. All users of a class should be treated equally and not discriminated against.
- This wind-down proposal very clearly trumps any previous snapshots, votes, or disagreements historically. Just because TRIBE voted at one point not to use PCV to compensate hack victims (when the protocol was ongoing), does not mean that PCV shouldn’t be used today (during a wind-down).
- For next steps, a list of hack victim addresses, and the amounts lost, should be circulated to inform this discussion.
This proposal is a major event for DeFi, and I am excited about the TRIBE rallying together to get it right.