[Code] It's time to Feil

Proposals
1

I made an executable proposal to pull protocol-owned ETH from Uniswap, put it into ETH yVault and make FEI redeemable.

At current collateralization each FEI would be redeemable for $1.9147 of value.

Side effects:

tests/test_proposal.py::test_migrate RUNNING
fei supply: 2041426913.142725 -> 796539144.7888645
vault balance: 466539.3651000248
eth/fei: 0.000921974447360352
usd/fei: 1.9147196533000848
remaining fei: 509463654.31276715
remaining eth: 469712.4711351994
tests/test_proposal.py::test_migrate PASSED

The code can be found here:

28 Likes
2

A proposal like this effectively would only bail out people came to commit ETHs for TRIBE airdrop, and would bankrupt anyone preswapped their committed ETHs for TRIBE.

Assuming preswappers are in for the long term, I doubt they will ever vote on this.

11 Likes
3

I support you，This team is terrible，

4

I have been a vocal proponent of rapidly fixing the issues in the protocol. While I still believe that there is potential in a stablecoin based on AMM, I now agree that allowing people to redeem their tokens for ETH is the best course of action given the continued instability of the protocol. I agree with what Banteg is proposing, with the caveat that TRIBE be also redeemable. One of the options discussed in discord was to have FEI redeem for $1 and let TRIBE holders redeem/control the rest. This follows the spirit of the protocol that FEI is pegged to the dollar, whereas TRIBE holders bear both the risk and the upside.

18 Likes
5

Full support from me.

2 Likes
6

support !

Ineffective teams should not exist in the DEFI world.
Don’t make Genesis users suffer more losses in time and money.

Make a decent exit of Fei OR Fei.

3 Likes
7

Just to add to this. Theoretically we could ajust the proposal to make Fei redeemable for $1 value. Leave the rest for a fresh restart of the protocol or make it reedemable for Tribe holder.

4 Likes
8

Very good suggestion, i support

3 Likes
9

Very good suggestion, i support!!!

3 Likes
10

you are salvation in a private prison of psychological & capital bullying

the proposal is great

i think that adding minter for tribe & printing a lot to dilute the VCs & then taking all the eth and keeping enough tribe to make sure they can’t later vote to the DAO is a little pickle that could leave this project to rest for a longer than we had to forcefully unrest in here

1 Like
11

This proposal benefits only people who committed Eth for the free TRIBE airdrop i.e. People who have no genuine interest in the stability of the protocol. I don’t want to say it, but you guys have no skin in the game. The irony here is that if you want to be involved in the decision making process, buy up some TRIBE.

4 Likes
12

I 100% support this proposal.

13

let’s move！
let’s move！

1 Like
14

I 100% support this proposal.+1

1 Like
15

support ! !!!

1 Like
16

What is the role of TRIBE remaining after FEI is converted to ETH and exits? It is a strategy without worrying about TRIBE.

17

If it has to go through a vote, I don’t think TRIBE holders would vote for it as this proposal basically ignore their interest.

4 Likes
18

Tribe holders: fei redeemable for 0. Distribute all eth to tribe holders.

1 Like
19

It’s a draft idea, I didn’t include Tribe holders because I don’t know enough about the distribution, that part is left for other community members to figure out. I’ll amend the proposal and the code when someone comes up with a good distribution model backed by data.

3 Likes
20

No Thanks!
Now I understand why you attack fie so much.
It seems your ultimate goal is to remove any remaining eth in the Pool.

2 Likes