ALEX Proposes Grant Funds to Replenish Treasury, Resume Pool Operations

IconCryptoNewsTerminal Staff29 May, 2024

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ALEX Proposes Grant Funds to Replenish Treasury, Resume Pool Operations

ALEX, a decentralized finance (DeFi) protocol built on the Stacks blockchain (STX), has put forward a governance proposal via XDAO seeking "to utilize foundation funds to replenish its treasury for covering losses incurred due to the exploit." The proposal also includes a vote to resume operations of unaffected pools. Earlier, ALEX had publicly stated its plans to allocate foundation assets to compensate victims of the hack and support the Treasury Grant Program. The proposal builds on those plans, seeking the community's approval for the release of funds to cover exploit losses and resume pool operations. The vote on the proposal is ongoing, and the community's decision will shape the platform's recovery from the exploit and its future direction.

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