[Amendment] Pre-merger TRIBE Circulating Supply of Merger Ragequit right

Proposals
1

D. Pre-merger TRIBE Circulating Supply is TRIBE max total supply - Tribe Treasury Balance -Liquidity Mining Balance, for a total of 619,605,725.325389147 TRIBE.

FEI labs holds 73.8163% of Uniswap FEI/TRIBE LP, which is equivalent to holding 130163593.484 TRIBE. This amount of TRIBE should not be counted in Pre-merger TRIBE Circulating Supply .

reason
Commitment to long-term lock-in as liquidity should not be part of the exit.

Pre-merger TRIBE Circulating Supply Voting options

  • 619,605,725.325389147 - 130163593.484 = 489442131.841
  • Calculate part of it based on the five-year unlock time
  • stay the same
2 Likes
2

Since I’ve raised hard questions about the Rage Quit before, I’ll raise another hard one here!

Adopting this proposal will shift Protocol Equity away from FEI Labs to the Rage Quiters. This will occur because (1) Fei Labs cannot rage quit and (2) we not counting the FEI Labs tokens as part of the outstanding TRIBE, which “grosses up” the amount we pay to Rage Quiters.

In other words, we are treating the FEI Labs TRIBE as NOT having any rights to the Protocol Equity.

Is this really what we want to do?

1 Like
3

@Eswak Could you share your thoughts on this change? I noticed that you voiced concern about future DAO capitalization when the JaketheKidd amended the original proposal.

1 Like
4

The IDO TRIBE (owned by Fei Labs) will become circulating eventually, so it should be part of circulating TRIBE, as is properly the case when we consider 619M TRIBE of supply.

Also, it’s not in the advantage of RGT/post-merge TRIBE holders to allow better terms for ragequit (that is quite advantageous already), so I don’t see this amendment passing.

1 Like
5

The merger is Diluting the equity of TRIBE Holders which leads to Ragequit :slight_smile:

6

That’s right. Hence current TRIBE holders should have the right to redeem their TRIBE for their pro rata share of the Protocol Equity – i.e., (PROTOCOL EQUITY / 619,605,725.325389147 TRIBE)

7

TRIBE is stablecoin as FEI backed by PROTOCOL EQUITY ?

There are two points to balance the interests of TRIBE holders:

  1. TRIBE can be redeem more than 1X PROTOCOL EQUITY
  2. Pre-merger TRIBE Circulating Supply should not count FEI labs’s TRIBE
1 Like
8

I believe that in the exchange we should not take into account the TRIBE, which belongs to the DAO, that is, from 619,605,725 we must subtract the entire TRIBE, which belongs to the DAO Fei Protocol.

Otherwise, we must add to PROTOCOL EQUITY - Protocol Owned FEI.

((PROTOCOL EQUITY + Protocol Owned FEI) / 619,605,725.325389147 TRIBE)

1 Like
9

The circulating TRIBE is already the total supply (1000M) minus DAO treasury (295M) minus LM rewards (62M).

See: TribeRagequit.sol

10

Is the TRIBE that is being repurchased here deducted?

How many TRIBE tokens do DAO FEI PROTOCOL currently own?

We need a complete visualization of all TRIBE tokens.
Who owns and how many tokens?

11

The IDO TRIBE (owned by Fei Labs) must either be burned or they must not count towards Ragequit.

The formula should be as follows:
Or like this:
(PROTOCOL EQUITY / (619,605,725 - 130,163,593 TRIBE)

Or like this:
((PROTOCOL EQUITY + 347,879,761) / 619,605,725 TRIBE)

12

We must not forget that TRIBE holders, in addition to PCV, also have the right to own their share of the DAO Fei Protocol tokens.

But in the original document from GFX, for some reason this right was neglected.

The correct formula should be as follows:

(PROTOCOL EQUITY) / (619,605,725 TRIBE) + (619,605,725 - 130,163,593 TRIBE) * ((PROTOCOL EQUITY / (619,605,725 - 130,163,593 TRIBE) - (PROTOCOL EQUITY) / (619,605,725 TRIBE)) / (619,605,725 - 130,163,593 TRIBE) + (Protocol Owned FEI) / (619,605,725 - 130,163,593 TRIBE)

1.09 + 0.22 + 0.56 = 1.87 Fei per TRIBE

P.S.
1.09 is the right to PCV.
0.22 is the right to TRIBE owned by DAO Fei Protocol.
0.56 is the FEI right owned by the DAO Fei Protocol.

This is not even taking into account the right to TRIBE tokens, which were purchased through Balancer.