I’ll just paste this extract from the whitepaper :
The key innovation behind the Fei Protocol’s mechanism is the idea of Protocol ControlledValue (PCV), a subset of TVL in which the protocol outright owns the assets with no IOU.
Why would TRIBE (not even mentioning Fei Labs & investors) vote to give away money they control & don’t owe to anyone ?
Of course it’s immoral for TRIBE holders to scam the FEI holders, and it’s stupid for the future of the project. The best they can do is to deliver on their promise of building a stablecoin & allow people to exit [insert let me out meme].
Surely you are a smart person with a good undrestanding of DeFi, and I would love to get your feedback on my proposal for a mechanism to restore the peg.
With the bad situation created by the launch, a lot of PCV will bleed out, but letting people exit at close to the peg (i.e. making FEI properly stable) is the fair way to go, and the only win-win situation, in my opinion. Could even be an exit at lower than the peg, as all FEI buyers got a 10% bonus of TRIBE already.