These are the notes @DioDionysos and I were able to gather during the call today. We want to thank everyone for attending and can’t wait for the next one.
Tribal Gatherings #1: Notes
The first TribalGathering took place on August 31st 2021.
First of all we are proud to announce that TRIBE was recently listed on multiple Tier 1 exchanges, Coinbase, Huobi, Binance, KuCoin, which are a great development and help raise awareness of our project.
However, we are still mainly focused on DeFi integrations as our primary development strategy.
That is why we have completed various lending deployments to Rari Capital Fuse, Kashi, Cream incentivizing these markets for our users. We are now focusing on AAVE and Compound, as well aim to fulfill our goal of becoming a community driven stablecoin for DeFi.
With that being said, this is what you can expect in this summary:
- Launch of the Fei Grants Program
- Fei V2
- Questions from the community
Fei Grants Program (Seb)
The Fei Grants Program has been launched.This is the next stage for our DAO, as we will be able to incentivize contributors. We hope that this will widen the base of contributors for Fei Protocol. If you can contribute or contributed, feel free to apply. We also encourage you to nominate others for a grant if you feel like they deserve a grant.
FIP-18v2 TribalChief (storm)
On a high level overview, TribalChief will be a new kind of staking system designed to incentivize a wider range of behaviours like lending and liquidity, as opposed to the old system that only incentivized TRIBE/FEI LP for example.
Users will be able to decide what behaviour fits their risk appetite. TribalChief will include Uniswap and CRV in its first iteration.
The DAO vote for this will be up on Talley this week. Included in this vote is also the Optimistic Approval program, which is a multisig designed to save on gas costs and protect the protocol against malicious behaviour. It can still be vetoed by the DAO and the guardian multisig should the need arise.
- Listing on crypto.com
- FIP-20 is a milestone
- 75k ETH on COMP
- 75k ETH on AAVE
- RAI (10mil) and DAI using bonding curves → more liquidity, maintain peg and yield
- Lending markets - protocol minted FEI that it lends across Rari and CREAM (30 mil minted) → interest is revenue stream for protocol
Fei V2 (Joey)
Fei V2 is currently being discussed on our Discourse. In its essence Fei V2 still shares the same vision as the first iteration of Fei, it aims to put the power of the PCV in the hands of TRIBE holders in the spirit of decentralization. TRIBE has already added 5 new assets to the PCV and it shows the control the community has over Fei Protocol. Another example would be arcology and hittingBOMBS driving the major proposals, thus proving that everybody can contribute and build for Fei Protocol.
This brings us to Fei V2, which can be divided into two phases.
The first will be creating the economic and incentive link between FEI and TRIBE. As we mentioned, TRIBE is managing the PCV and should be rewarded for managing it well. Rewards could be achieved in the form of TRIBE buybacks. The model this would follow is still up for discussion, one option would be to set a target collateralization ratio (CR) of 100%. If the CR is below 100%, TRIBE would be inflated. In return if the CR is above 100% buybacks could be initiated. Feel free to add any comments to this discussion on Discourse or Discord.
Secondly, Fei V2 would focus on algorithmically managing the PCV. Overall Fei wants to be as algorithmically centered as possible. The idea behind managing the PCV algorithmically is that ETH is volatile and governance could be too slow when it comes to managing the PCV accordingly. The end goal would be to hold a portfolio including volatile assets and stables, thus protecting the PCV against the volatility of ETH.
Open Forum (Community)
Q: Is there any initiative to promote FEI adoption in non-Defi environments? I.e Payments platforms
A: DeFi native approach → care a lot about DeFi integrations
Q: Best ways to combat ETH volatility?
A: TRIBE holders in Fei V2 will be able to shift the PCV portfolio to mitigate that. Also holding stable coins like RAI and DAI will help to keep the PCV secure.
Q: Is there any interest in deploying ETH to BarnBridge Smart Alpha seniors?
A: BarnBridge Smart Alpha works by transferring the volatility of an asset from one party to another. There are two options here, senior and junior. Senior is basically reduced volatility ETH, whereas junior is like leveraged ETH. The team is interested in working with BarnBridge Smart Alpha seniors to reduce the dependence of the PCV on ETH.
Q: How many people are in the OA multisig?
A: There are 7 members, with 4 of 7 needed to execute a vote. There is also a second multisig, the Guardian multisig with the 4 members of the core team. This one needs 2 of 4 to execute, but is limited to voting only on protocol functionality.
Q: What is it going to take to list FEI on big exchanges?
A: The team started with TRIBE, the FEI application process takes a lot of time and might be pending. The plan is still to get FEI on the Tier 1 exchanges ASAP.
Q: Will the FEI-3CRV pool improve the price stability of FEI?
A: Yes, Curve integration will increase the price stability of FEI.
Q: What’s the latest news on single sided TRIBE staking?
A: There was an update recently. The initial launch of the update incentive system (TribalChief) will not include single sided staking on Rari. We are waiting until Rari adds native incentivization, which should be coming in a week or two.