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DeFi Pulse Index Update: Extraordinary Removal of TRIBE

Scalara announces a change to the composition of the DeFi Pulse Index as a result of the impending wind-down of Tribe DAO. On August 26, 2022, TRIBE will be removed from the index.

Background

On August 19, Fei Labs proposed the shut-down of the Tribe DAO and a redemption program of its TRIBE governance token. Fei Labs is the entity behind the development of Fei Protocol and one of Tribe’s constituent protocols. According to the proposal, TRIBE holders would be able to redeem for a pro rata share of remaining DAO controlled assets after accounting for FEI redemptions as well as compensations for April’s Fuse hack.

In order to ensure the investability of the DeFi Pulse Index and not disadvantage passive holders, TRIBE is removed from the index.

TRIBE’s price reacted positively to the proposal:

The DeFi Pulse index currently holds approximately 6.4439 units of TRIBE since the conversion of its RGT position. All units of TRIBE are removed and the corresponding index weight is redistributed proportionally across all remaining index components. Circulating supplies are not updated for this extraordinary index update. Token prices as of August 23, 2022 were used.

DeFi Pulse Index weights


Scalara is dedicated to creating and maintaining indices for a decentralized world.

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