Core Contributor report

Hey everybody, a few weeks ago, I circulated some questions to the more active members of our discord/discourse. Trying to gain insight into their processes regarding Fei, what attracted them, etc. Below is a summation of that report, and the collection of questions/answers from each user.

Core Contributor Report

GrantG

The purpose of this report is to inform the core team, and community at large of the behaviors and positions of our core contributors. I aim for this to be a recurring report, with fluctuating questions based on the timeline of the protocol. Currently as we are in the initial stages of protocol development, these questions aimed to glean insight into what initially attracted members to the project in its infancy stage. Questions were submitted to members via Discord DMs and answers aggregated into separate documents. Answers have been collected from the following contributors, note these are all members who have contributed to the protocol altruistically in terms of discussion and discourse, building, and discussing the very nature of Fei. Over time I plan to develop this report further to gain information from a broader scope of the community. Please excuse my citation system here, each interview has been assigned a number 1 through 8, quotes attributing to interviewees will be marked correspondingly.

Arcology(1), Bruno(2), CountVidal(3), Elee(4), Eswak(5), Firefalcon(6), Kala(7), Pavel(8)

The following questions were sent out to the aforementioned users.

  • What initially attracted you to Fei?
    • When coupled with the first question, this paints a clearer picture of the initial method and how effective it was in drawing a specific demographic of users.
  • What brought you into the community?
    • The purpose of this question was to assess the various ways different members joined, or were brought into the community. IE through different social media, crypto news, word of mouth, etc.
  • How do you envision the future of Fei Protocol?
    • While developing strategy to bring in specific contributor demographics is valuable, these users may not be aligned on specific goals. Being deterministic about internal protocol goals, with ideal contributor goals is important.
  • What goals do you (personally) have for Fei?
    • Similar to above, this question is to assess (on a more individual level) how each of these contributors desires to contribute to Fei. This information will help us with delegation, and motivation of projects that the core team wishes to work on in conjunction with the community.
  • Where do you envision Fei Protocol in DeFi?
    • Again similar to above, but this information informs user posturing on Fei in regards to the state of DeFi.
  • What would you like to see the team to focus on moving forward?
    • To gain feedback on the direction of the protocol, and teams progress thus far, areas they can improve, and direct desires of the community.

One of the goals of this report is to help develop a strategy to attract more like minded contributors. While attraction of this type of user (intrinsically motivated) is a given based on a slight snowball effect of user contributions improving and motivating the project, this will give a clearer idea of how these users came to join the community and what strategies we should pursue to bring similar contributors into the fold.

Main takeaways

  • Intrinsic motivation stems from curiosity and alignment with ethos of project
  • Community outreach and marketing should aim to market to intrinsically aligned individuals
  • Pursuing more community interaction through community calls/speaking is imperative
  • Marketing juices must flow.
  • Highlighting community development via social media could be a great way to attract like minded individuals.

What initially attracted you to Fei?:

The general consensus here was that members were interested in the mechanics of the project, the visionary nature of Fei, and the whitepaper itself. The general uniqueness of Fei, Direct Incentives, PCV, were reasons provided for being interested in the development of Fei. The backgrounds of the founders was also of note for discerning interest in the project, “Linkedin profile of Joey & Brianna. Really. I liked Joey’s background… Whitepaper seemed 5head.” (2).

Another item of note is that every response pertained to an interest in stablecoins, and participation in the nascent stages of development “The opportunity to take part in a decentralized stablecoin.” (3) This level of curiosity is something we should foster, when moving forward with marketing we should be sure to highlight Fei’s decentralized nature, the DAO, and that it is algorithmic as well. There is generally a strong level of hype when looking at launches. In the case of Fei, the downturn of community activity can be attributed both to stability and lack of interaction. Initially much of the discord activity was negative in nature, with users feeling rekt by genesis, DI, and further. During this initial period it became apparent that several members of the community were strong intrinsically motivated members who wanted to see that project prosper.

What brought you into the Community?:

These members all became active participants in the community/project after initially joining the discord, reading articles on medium, hearing about genesis etc. The friendliness and activity levels of the initial community were also reasons cited for becoming more actively engaged (pre genesis). I think it is safe to assume that community interactivity and gaining new members who wish to engage in productive ways can be correlated with a level of interested like minded members; i.e. a collection of smart, engaged, active contributors will attract similar, with proper marketing and outreach. In addition, it was noted that several of these members were 100% preswappers, who became more active after genesis and had a vested interest in helping to develop the community through participation and engagement to protect their investment. “I had a sense that Fei was pretty overwhelmed with the FUD and needed some help back on its feet. It is a way of investing (my time) as well as to protect my investment.” (1).

How do you envision the future of Fei:

Widely agreed here was the strong belief and sentiment that Fei should be the backbone of DeFi. Fei becoming a crypto household name like DAI, or USDC, Fei currently has few uses outside of (now) lending and staking. Generation of use cases, such as becoming more deeply integrated into payment systems would bode well for the future of Fei. Imagine Rarible, or Opensea, adopting fei as a payment method. As Fei’s goal is to become THE stablecoin for DeFi, we would hope to solidify it in that position, by providing a tight peg and solid mechanics. “I hope that Fei would become a staple like Yearn.” (1). Fei is in a strong position financially right now, with a relatively aligned DAO that is looking to utilize DAO funding/PCV for beneficial means. Embracing user interactivity and providing thoughtful guidance and collective thought to further build the protocol. It is my current perception that potential intrinsically motivated contributors may be driven away, or look past Fei due to lack of team / workgroup interaction.

What goals do you (personally) have for Fei:

The general sentiment here was a willingness to work to develop the protocol, build use cases, and posture Fei as a serious player in the DeFi landscape. Establishing a broad scope for Fei is again an item of note. “I want FEI to establish as many possible integrations to grow its use case. I would like to keep contributing and assisting in anyway I can to make this possible.” (3). Working to improve the systems at large, namely reweighting was mentioned as well “I think the current reweight system is not great and expensive. finding a good improvement is a goal of mine.” (4). Contributive efforts also speak for themselves in this regard. Eswak’s staking tool, Pavel and Bruno’s strong analyses, to name a few, are great indicators of their willingness to contribute and help the protocol succeed.

Where do you envision Fei in DeFi:

There was a wide array here regarding Fei’s definitive posture in DeFi. Themes included surpassing / replacing Dai, and becoming a strong piece of financial infrastructure in DeFi, akin to a venture fund or central bank “hopefully somewhat of a hedge fund / bank which provides liquidity to projects,” (4) Fei positioning itself as an altruistic, DAO run investment firm could be a beneficial position to pursue in terms of building community. Inviting members who are intrinsically aligned with this message to help develop and reach out to budding protocols may lead to successful partnerships down the road. It is one thing for us to look at existing products that have shown success, but performing risk analysis and research of pre launch projects is a route that could be financially beneficial to the DAO.

One response from Pavel stuck out to me however “Fei should learn to understand the changing DeFi landscape and adapt itself to it, follow and embrace emergent trends, new actors and regulatory environment.” (8) Fei SHOULD grow and evolve with DeFi as a whole. Sentiment like this is very in line with Fei’s ethos. We are rewriting the rules of finance, DeFi is ultimately tied with developing completely new systems that allow for those without, to become those with.

What would you like the team to focus on moving forward:

Integrations and protocol growth were of note here “more integrations, more education, and to have a sustainable strategy of growth that drives the value of TRIBE up” (1). Overall building and developing the protocol, “Tune the peg mechanism, New bonding curves, FEI lending/FEI Bonds,” (2) Fei lending and Fei bonds are interesting items to note, we have begun to pursue lending through Cream and Rari, and hopefully soon AAVE as well. Bonds would be an excellent offering to the community. Frax and Olympus have just partnered to sell bonds, in conversations with members of both communities, I believe they would be interested in pursuing something similar with Fei/Tribe. Providing true value for tribe is another goal here, “Creating better tokenomics for tribe holders would bring in more new users” (3) “so far there is no apparent relationship between FEI and TRIBE” (1) CountVidal and Arcology are right in his assessment that currently there is no direct correlation between Fei and Tribe, and that the tokenomics of Tribe are not so strong for it to be a highly desirable asset by itself at the current time. A move to perhaps transform Tribe into an interest bearing coin based on kickbacks from the PCV, or other investment initiatives would be beneficial to our preswappers who were rekt by genesis. This would be a perfect project for a community work group to pursue moving forward, which is another way we can both develop the project and grow the community, “strengthen the marketing and the interactions with community” (2) utilizing community work groups in marketing would not only drive intrinsically motivated people to join the Fei community and ecosystem, but would drive Fei’s development as well.

What can we do to better grow the community:

There are many theoretical ways to build and develop community. Ultimately our goals should be to attract as many intrinsically motivated members as possible to participate in the development of the protocol. P3ter-pan, a notoriously good builder of communities defines the two types of member, intrinsic and extrinsic. Intrinsic motivation comes from belief in the success of the Fei, as well as being aligned with Fei’s ethos. These members will continue to participate even when financial upside is uncertain. Extrinsic motivation is based on financial incentives, and not necessarily rooted in being aligned with the ethos of the project. These members will flock to the potential of 100x, and when it doesn’t happen overnight will flow away like water through a grate. Attraction of intrinsic motivation can be done in a variety of ways. I am of the mind that elevating community workgroups, and showcasing community initiatives to develop the protocol will be excellent for building a strong community in the long term. Pavel’s thoughts regarding a reputation system are something notable as well. Encouraging users to participate via manual incentives such as airdropped NFT’s, Tokens, or other gifts provides a clear path towards development of position within the community.

The current motivation to be a participant within the Fei community is rooted in a desire to help a protocol in its initial stages, developing a strategy for when it grows out of its youth is imperative. Creating a stronger atmosphere of development and interaction will help us get to that stage of the protocol. An influx of members who are of like mind through something like a series of hackathons could be exactly what we need. Setting out bounties for projects within the ecosystem also would be strongly beneficial to building a better community. Additionally, pursuing more interactive engagements such as podcasts, community calls, etc could strongly help not only our internal community but allow for us to establish a constant system of community interaction.

I would like to highlight the below image from P3terpan’s medium. His approach to community building and engagement shows a type of snowball effect in regards to attracting more community contributors. Highlighting an initial WG that is working to develop the protocol, through social media exposure (twitter, medium, discord even) is a great way to attract more like minded members to work to develop the protocol. In the case of the PCV diversification WG, acknowledging them in some capacity to showcase their work could go a long way in terms of building the team’s relationship with the community.

Conclusion

I believe that it would be in the best interest of the protocol, community, and team, to invest more time in the development of structures to adequately build up the protocols community. We currently face a strong level of inactivity due to few intrinsically motivated members to converse and develop with each other. Fostering a community of hyphy development and thoughtful open economic discussion would remedy the current problems we face. Utilizing our members to help solve the problems associated with lack of tribe and fei use / value is an excellent start. Encouraging participation through manual means such as POAP giveaways generates activity and movement in the community. We sit atop a sleeping hivemind, ready to wake and collectively work to solve the problems we face.

6 Likes

Contributor Responses:

Arcology (1)

What brought you into the community?

  1. the community being Discord. I had a sense that Fei was pretty overwhelmed with the FUD and needed some help back on its feet. It is a way of investing (my time) as well as to protect my investment. The members of the community were friendly, so I stayed.

What initially attracted you to Fei?

  1. I was attracted to Fei from more general news from the cryptosphere regarding Genesis (this was well marketed). I aped in with some expectation that I would profit from my initial investment (preswapped a significant amount). I did not expect what happened afterwards. Because everyone was rekt I believe most people were in a similar (poor) starting position, and it also aligned with my personal investment objectives of having some amount in stablecoins. to me decentralization is a bonus but the criticality of it would be some time away. I also wanted to experience the initial phases of a crypto project startup as a learning experience, so I became more active than usual.

How do you envision the future of Fei Protocol?

  1. I would like to see Fei becoming a coin that most people would think of in the first instance, like Dai or USDC, and I would also like to see it becoming more versatile and superior in its uses. Anyone can launch a coin nowadays but it’s a different story to endure through ups and downs. I hope that Fei will become a staple like Yearn.

What goals do you (personally) have for Fei?

  1. I would like to see Fei being used as much as Dai, and I would like Tribe to benefit from this as well. I also would like to see more leadership from the core team. Their credentials and the beginnings are well documented, but there is a discrepancy between what they did versus what they are doing. They need to step up and become more visible.

Where do you envision Fei Protocol in DeFi?

  1. I would like to see Fei lead an alliance of algo-stables that rivals the major stablecoin players. A major victory would be if institutions adopt this sub-class of stablecoin, and a short term vision is that I see Fei being adopted in a yVault and on Curve. That would help drive mass adoption.

What would you like to see the team to focus on moving forward?

  1. more integrations, more education, and to have a sustainable strategy of growth that drives the value of TRIBE up. so far there is no apparent relationship between FEI and TRIBE. I personally favor an xSushi approach as a possible solution, or some other type of interest-bearing incentive. The large amount of PCV sitting unused is really a missed opportunity. there should be some kind of economic relationship that has not been explored yet.

What can we do to better grow the community?

  1. see 4. above. more leadership, more AMAs and put the team out there, and a hope for the core team to get the WGs greenlit. There are a decent amount of engaged community members here, and like I have mentioned before, the lack of momentum is slowly killing us.

Bruno Rodrigues (2)

What brought you into the community?

The potential of a stable coin business. I saw it as the best opportunity in crypto to invest my energy.

What initially attracted you to Fei?

Team and strong investors with an interesting idea. Everyone was very open for contributions and I feel part of the community since the beginning.

How do you envision the future of Fei Protocol?

Difficult question, I think we will discover on the way as crypto changes very quickly. I see it more and more integrated with other DeFis protocols, more robust peg mechanism and a well-established PCV deployment process. I believe in the vision of being the stablecoin for DeFi in the medium term and stablecoin for the world in the long term. Many emerging countries would benefit from this. I would love to see Fei solving real problems and having social impact.

What goals do you (personally) have for Fei?

Help with PCV deployment and in the strategic discussions regarding Protocol mechanism. I am also learning solidity and hope can contribute more also in this part and not only in the financial/strategic part.

Where do you envision Fei Protocol in DeFi?

Source of liquidity to other protocols. A decentralized stablecoin more protected from regulatory risk. It is the base of DeFi.

What would you like to see the team to focus on moving forward?

Tune the peg mechanism, New bonding curves, FEI lending/FEI Bonds, Foster new integrations, strengthen the marketing and the interactions with community

Count Vidal (3)

What brought you into the community?

The opportunity to take part in a decentralized stablecoin

What initially attracted you to Fei?

I believe there is a huge opportunity to create a successful decentralized stablecoin. I thought FEI checked all the boxes I was looking for in a project.

How do you envision the future of Fei Protocol?

I envision FEI surpassing the usage of DAI and scaling to become the pre-eminent stablecoin in DeFi.

What goals do you (personally) have for Fei?

I want FEI to establish as many possible integrations to grow its use case. I would like to keep contributing and assisting in any way I can to make this possible.

Where do you envision Fei Protocol in DeFi?

I envision FEI to be able to set its own monetary policy and interest rates.

What would you like to see the team to focus on moving forward?

Lending and creating a FEI interest rate/fixed income/bonds should be a priority

What can we do to better grow the community?

Creating better tokenomics for tribe holders would bring in more new users

Elee responses (4)

What brought you into the community?

  • initially participated in genesis for work

  • read more about the project and found it interesting

What initially attracted you to Fei?

  • I like the idea of the PCV. I think it has a lot of potential

How do you envision the future of Fei Protocol?

  • there are a lot of different ideas that need a large amount of capital stored somewhere in order to function

  • the fei pcv i think is in a good position to be the starter for many possible projects

What goals do you (personally) have for Fei?

  • I think the current reweight system is not great and expensive. finding a good improvement is a goal of mine

Where do you envision Fei Protocol in DeFi?

  • to my previous answer, hopefully somewhat of a hedge fund / bank which provides liquidity to projects

What would you like to see the team to focus on moving forward?

  • a reason to actually hold fei, bc rn it’s mostly a dead end asset

What can we do to better grow the community?

  • not sure, the community is still fresh and people are still finding their footing. I think as people talk more to each other they will become more comfortable with each other resulting in a more engaging community.

Eswak responses (5)

I saw the medium posts shares on Twitter, and got interested in the project.

The challenge of building a decentralized stablecoin.

I liked the vision of using PCV to defend the peg, like a “decentralized central bank”.

Lots of integrations with other protocols, market making on DEXes and lending markets to make it the most attractive stablecoin to go “short USD long ETH”.

Get more involved in the core protocol development, build on top of the protocol to do cool things.

Everywhere where DAI is, and more

Recruiting more devs, building a public image & engaging more with other big actors of the ethereum ecosystem.

More integrations with other protocols. When more people see FEI on their usual dapps, they will come to learn more about the project.

Firefalcon Responses (6)

What brought you into the community?

Genesis/Whitepaper Ideas. 100% preswapper.

What initially attracted you to Fei?

Linkedin profile of Joey & Brianna. Really. I liked Joey’s background and I thought Briana was cute (ngl lmao). Whitepaper seemed 5head.

How do you envision the future of Fei Protocol?

50/50. Outside of fei I have yet to hear good sentiments but hopefully it changes with time. There were many stablecoin projects in this bubble but I wish the team all the best in the long run.

What goals do you (personally) have for Fei?

Nothing really. I like to keep an eye out for what the core team is doing since they handled the FUD of genesis pretty well better than most could have.

Where do you envision Fei Protocol in DeFi?

I am not sure. Hopefully bigger volume addresses can consider it in the future without having to worry about the peg. Personally think undercollaterization is a meme in crypto world because everything is a house of card against daddy bitcoin, but I think FEI can find new ways to spin it by allocating appropriate percentage on treasury vs PCV.

What would you like to see the team to focus on moving forward?

Fei should have diversified to some DAI & BTC in the bubble. I think it’s possible VC or other whales interests might be pressuring the core team/snapshot votes. But for longevity of project building a position outside of ETH is vital. I would have been more bullish on tribe had that snapshot passed unfortunately at the moment natural growth seems to be stunted.

What can we do to better grow the community?

The mods are one of the best ones I have seen. Maybe a weekly newsletter kind of thing to provide FEI “news” on discourse/discord/medium etc (My cousin has a way with words and would probably love to join a community marketing WG if he was paid in some summer tribe$!). All in all more community building like on reddit, telegram etc. to rebuild sentiment after events of genesis.

Kala Responses (7)

What initially attracted you to Fei?

Back in feb I came across a podcast from delphidigital about algo stablecoin that was the first time I heard about fei and Joey was the guest. Really loved the idea and enthusiasm of Joey.

After knowing little more about this team of three and initial backers,instantly started following Fei closely.

Also how the team wanted to make the genesis fair to all, made me trust the team more.

What brought you into the community?

As you know back in fed / march the community was a different utopia only mod was dio, all moon boys and the hype train blinded most of us including me which made us forget “as much as upside… there is down too".

To be 100% honest my tribe bag brought me more into the community. But my initial trust with the team made me not to panic. And it was amazing and really a great experience on how the team handled the initial genesis chaos.

As of any community the real gems can only be found in the tough times, mod like dio, grant, nic… Also people like Eswak he writes software for European Space Agency’s Mars rover :open_mouth: and his side mini project is fei-tools. How can you not be into this community of cool people :smile:

How do you envision the future of Fei Protocol? / Fei Protocol in DeFi?

The image I had with fei/tribe is, it’s going to be the Sushiswap of stablecoin protocols.

Being more decentralized = free to explore, fork and integrate other defi protocols if need have our own yield farming strategies, lending/borrowing with PCV.

Currently I really want to see something like alchemix protocol on fei. And i hope its called Xfei.

What goals do you (personally) have for Fei?

My personal fei/tribe goal is to accumulate more tribes for the next 10 months.

What would you like to see the team to focus on moving forward?

I think the team is doing great, whatever they are focusing and thinking to do in the future I’m here to support it.

What can we do to better grow the community?

More engagement in mainstream crypto podcasts and interviews is a must, like epicenter, bankless , The Defiant etc………

World is opening up again, hosting old school meetups events with other defi speakers, can really create great collabs and more people will gain confidence with fei.

Pavel responses (8)

What brought you into the community?

I’m an early TRIBE investor. Here I consider myself as a kind of benevolent activist investor: I try to contribute to the protocol’s progress rather than wait for the breakthrough on the side.

What initially attracted you to Fei?

I was looking for an opportunity to invest into an algostable protocol, FEI has a solid vision, interesting innovations and backing of key technologist figures: it opens many doors and one shouldn’t underestimate this.

How do you envision the future of Fei Protocol? What goals do you (personally) have for Fei? Where do you envision Fei Protocol in DeFi?

It’s very early to say something concrete about eventual positions, the whole field is in the nascent stage of development. There will be many pivots. To become the core ingredient of DeFi infrastructure Fei should learn to understand the changing DeFi landscape and adapt itself to it, follow and embrace emergent trends, new actors and regulatory environment.

What would you like to see the team to focus on moving forward?

Apart from what they outlined in the midterm roadmap, which I support: develop tools for understanding onchain dynamics (objective part) and crypto crowd sentiment (subjective part) for more informed decisions. These could be interesting targets for deep learning given recent advancements in learning on non-Euclidean domains (for onchain data) and natural language processing, models based on attention mechanism, like transformers, in particular (for sentiment analysis). I’m working to make further suggestions hopefully soon.

What can we do to better grow the community?

For now I can cite my recent comment on discourse:

As for personal incentives to contributing community members: I think there is no objective way to measure each person’s contribution into Fei’s growth, as you point out these inputs may come in various forms and it’s impossible to build a measure function on such heterogeneous space or build a neural network architecture to map a set of posts, commits and whatever else to [0, 1], for example.

Ideally Fei should look for a reputation system, something like the following. Community members give each other scores, say from [0, 1] for each post, proposal, commit, maybe with some weight differentiation. Then a ranking mechanism aggregates subjective individual assessments and assigns global score/ranks to each member reflecting one’s input while being:

  • accurate, such that estimated reputation scores were close enough to ground truth member’s input allowing to fairly distribute rewards;

  • resistant to manipulations like sybil attacks (creating fake identities to boost one’s own ranking) or misreporting other members as less reputable than they actually are in order to diminish their ranking;

  • computationally efficient.

Then reputation scores can be translated into KPI options, for instance.

An example of such an algorithm is Personalised Hitting Time (PHT). The community is represented as a weighted digraph, where members are vertices and a score given by a member I to a member j as a reflection of i-th belief of j-th merit is a weighted directed edge. Then PHT is the expected number of steps that a standard random walk starting at node k will take to hit node l for the first time.

It’s been proven that PHT presents an optimal trade-off between accuracy, robustness to manipulation and computational efficiency as compared to alternatives like PageRank and PathRank. However, there is a caveat: personalized reputation mechanisms are resistant to sybil attacks (global ones are not), but to adopt a PHT for our global ranking we need to select a pretrusted set of nodes. Alternatively/complementarity by modeling the community as a graph, Graph Neural Networks can be utilized here to learn user and input embeddings, something akin GraphRe.

In addition there is a problem of implementation of such a mechanism. Clearly current home platforms of the community, Discord, Discourse, don’t allow this experiment. An example of a platform moving in this direction is Geneva — they’re integrating communication tools like real-time chats, blog-posts, zoom- & clubhouse-like conferencing and IGTV-like broadcasting, but also to quote “… started working on a number of exciting web3 projects related to ownership and governance that’ll open up new possibilities for DAOs and other collectively-operated communities.” I’m guessing they’re working on a platform in the vein of what I’ve described. Fei could either join or build a tool of their own, it could be a very important experiment for DeFi and crypto, though obviously it’ll take resources. I urge founders to be bold in experiments.

5 Likes

Great job on doing this report, @GrantG ! I enjoyed reading all of it and liked your analysis!

I liked to discover what attracted people to participate in the community. The Fei’s decentralized nature, the DAO, stablecoin business and the uniqueness of Protocol reserves (PCV). The belief that Fei can be THE stablecoin for DeFi, the backbone for this sector.

I think this report helps a lot to think about interesting marketing and communications initiatives.

1 Like