After a month of negotiation, the two DAO entities have concluded one of the largest mergers in DeFi history. In a vote on Tuesday, DAO members of altcoin projects Rari Capital (RGT) and Fei Protocol (TRIBE) approved the merger. The passing votes were 93% on the RGT side and 90% on the TRIBE members’ side. According to the terms of the merger, RGT and TRIBE holders will be able to exchange tokens at determined rates. Details cryptocoin.com‘in.
Historic handshake from altcoin projects
A total of 103 wallets participated in the election. $2 billion in total locked-in value (TVL) will be managed in the participation of members of DAO projects. While the merger between xDAI and Gnosis earlier this month also included a token swap, the handshake of RGT and TRIBE was the largest DAO merger to date with a governance token integration. Fei founder Joey Santoro said the historic deal was heavy, especially since both token communities were initially skeptical of each other, but he and Rari co-founder Jai Bhavnani agreed. Santoro made the following statements in his statements:
It was really hard to manage such a big offer. There were two DAO’s worth of cooks in the kitchen. But Jai, the core teams, and I are committed to bringing it out.
- Under the terms of the merger, Rari’s RGT token holders will be able to exchange their holdings at the rate of RGT for 26.7 TRIBEs at any point within a 180-day window. Additionally, TRIBE holders dissatisfied with the deal will have a three-day window to exchange the TRIBE for a proportional share of the Fei Protocol treasury.
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