With FIP-2 and FIP-3 hopefully around the corner, I would like to suggest that the team and community look more towards medium and long-term expectations. The following points try to explain how to improve FEI and enhance community and stakeholder engagement. This has shown some support from various members on Discord, so I would like to try to consolidate it here.
Motivations
To provide a clear and transparent understanding of ‘what’ is to come, ‘when’ is it coming, and ‘how’ is it going to be implemented.
To develop more use cases for Fei Protocol;
To hold the team actionable so that they are able to deliver what is promised on time.
To leverage the ideas of the community and to allow them to jointly develop the protocol (as ‘expanded governance’) and for further decentralization.
To restore the confidence of the community and the general cryptosphere.
To encourage a more strategic vision of the Fei Protocol as a legitimate product platform with long term viability, as the short term fundamentals of FEI are fixed.
To bring long term intrinsic value to TRIBE.
Proposals
This is a rather loose combination of smaller proposals, but they include:
The team to furnish a roadmap for feature rollouts to the end of 2021;
The creation of a multi-sig so that more community members can participate, encouraging more decentralization than the core team (this was supported by Joey);
The creation of a committee to manage the PCV, including diversification proposals which is currently being discussed elsewhere on the forum;
The creation of a committee to manage integrations, including research, outreach and execution.
The creation of a committee to handle internal community affairs, such as AMAs.
Issues
It is unknown what use cases that the core team has for FEI, so the team needs to provide a general direction. This could be discussed in an AMA forum.
Any committee members nominated for any roles needs formal voting, off/on-chain voting TBD.
The team should aim to produce this roadmap within a set number of days to kickstart the process.
Feel free to discuss any ideas and other proposals that would be under this ‘development’ umbrella.
Let me just express some of my thoughts on the ideas you outlined and then maybe add some aspects myself.
This should be a given, to be honest. I hope this will be a priority after FEI’s peg is restored as this has kind of turned into the roadmap for now.
All of these are great ideas, I think some community members have stepped up and already proven their interest and engagement when it comes to these topics.
I think we see a lot of engaged community members in the Discord that would love to help the project in some way. In my opinion, it would be the best idea to use those users, as they have already proven some level of interest in the project.
(Actually, I already have people in mind, but we will have to see how your ideas are received first.)
In addition to that, I would suggest possibly adding a “marketing committee” to that list.
We will have to accept that some people left the project forever because they were burned by the Genesis event. But new people can always bring fresh ideas, so getting more people involved would possibly benefit the entire project.
And yes, having a roadmap as a first step is the perfect way to mark the end of this.
The marketing committee is definitely required for this to work as well. I have already mentioned in Discord that simple PR can make significant market moves.
One last piece of the puzzle is that the team will need some sort of Operations team (or a COO) that will steer the ship. I’m not sure whether the team currently has this ability. Generally startup founders are great visionaries but typically terrible managers, so someone (or a group) should help to streamline this.
But, the question is that will the team have enough resources to be part of all the committees? I was thinking that in the beginning the core team will have to wear many hats but as the protocol matures, more of the committee functions can be delegated to community members. Perhaps in this case we could utilize the PCV or other pre-allocated tranche of funds to ‘pay’ them. This has been done in other crypto projects.
I’ve collected some advices from Chinese community, and come up with a suggested roadmap for FEI, appreciate everyone’s comment to make it more feasible for the team to consider and implement.
FEI stabilisation
1.1 reweight
1.2 resume/modify direct incentive
1.3 push for wider adoption of FEI across platforms and across chains
Tribe value creation
2.1 single Tribe staking
2.2 drive for borrow and lend against Tribe
2.3 push for exchange listing
2.4 team to burn certain percentage of Tribe from FEI-Tribe LP and use the FEI to buy back Tribe from market
PCV diversification
allocate certain % of PCV for more diversified and stable assets while the rest for yield aggregation, half of the return should go to reserve while the other half be used to buy back Tribe
Expand the team
4.1 FEI should expedite hiring process to have more manpower. Team should actively advocate via community, investors and other sources. The current team is too small for a big project like FEI
4.2 Actively offer grants to delegate tasks to community and drive for faster development of the project
The team should have a planned timeline and goals on some kind of dashboard for the year and the next year. Once certain features are voted on by the community, they can update the timeline until its ready and so on. This can be on the Fei website. Team needs to incorporate broad ranges of topics such as PCV diversification, lending, borrowing, privacy features for Fei, integration with other projects and outlines these ideas on individual topics with concrete plans and steps to do so, possibly including pseudo code in their proposal. Then the community can discuss and vote on what to proceed. Just telling community to think what we want is not good, teams need to be proactive and figure out what is necessary for the Fei ecosystem and present the detailed planned to the community so that we can decide if its a go or no go. Of course the community will suggest ideas and that can also be discussed and worked on but the team came up with a stable coin idea and they must have some kind of vision on how to build out the eco system. Santoshi did the same thing with bitcoin during the earlier years and so did Vitalik. I definitely want to see team proposals on all topics related to Integration with other crypto projects, detailed reports on why we should and what value does it bring to the Fei ecosystem. Of course community advocate will chip-in on these with ye or nah and that’s how we move forward.
Team needs to incorporate broad ranges of topics such as PCV diversification, lending, borrowing, privacy features for Fei, integration with other projects and outlines these ideas on individual topics with concrete plans and steps to do so, possibly including pseudo code in their proposal.
The team will get final say on which topics will be executed upon. But perhaps the committee (operations/treasury/integrations) can provide the framework and the assessment on how this will grow the protocol.
Santoshi did the same thing with bitcoin during the earlier years and so did Vitalik.
The ‘moat’ is important for protocol vitality, so I agree with you here.
I definitely want to see team proposals on all topics related to Integration with other crypto projects, detailed reports on why we should and what value does it bring to the Fei ecosystem.
The committees will help expedite that. Each FIP can be one of these proposals. I prefer that future FIPs ‘unbundle’ the various issues and actions, but this is an open topic to others as long as the overall FIP is a holistic approach.
Of course community advocate will chip-in on these with ye or nah and that’s how we move forward.
Analyzing the internal organization of other communities as Idle, Yearn and Index coop, I put together some ideas of “FEI DAO Divisions”. Some of them could be composed by working groups, committees or full-time or part-time contributors, it depends on the tasks of each one.
Instead of creating a fixed committee, I think it would be better to have a working group with the task to make a proposal for a policy on PCV management and DAO Treasury. In paralell, we could make a move to create a stable pool as discussed here. It would be important to diversify the risk from PCV concentration on ETH asap.
4 and 5. I am not sure it would be necessary a committee or just a full-time contributor helping to coordinating it with community is enough. Actually, for those initiative would be good to think about a grants program.
This post is great! We need to foster more transparency and direction going forward after dealing with all of the issues since launch.
We’ll work on a roadmap to publish in the days after direct incentives are reinstated
The multisig would be responsible initially for Guardian functionality, but we could expand it to have the ability to issue grants in FEI or TRIBE
Before we have this we should consider the mechanism by which the assets are managed, this could be a multisig or a DAO. The DAO would be safer and probably slower, whereas a multisig with a large number of signers could be responsible for moving assets based on a charter and snapshot voting. We can have the treasury be held in some kind of balancer pool or index token as well.
I like @Bruno 's suggestion of having a working group to come up with a proposal here.
For this perhaps we can have grants allocated towards specific integrations for the teams that drive each one. One thing that would be interesting to explore is offering PCV to integrating projects as a sort of two-way street benefit
Yes I’d like to start having regular AMAs and community calls after the peg is restored
The infographic highlighting the various ‘working groups’ of the governance structure is exactly what I am thinking about. A committee is more formal, which it does not need to be as long as the roles are well defined. Thank you for this.
The Index Coop model (and other DAOs) would be a good starting point on how to ‘run’ a DAO. We don’t really need to reinvent the wheel here.
The only component is the Operations to tie everything together. Would this be part of the ‘People’ group?
Also, what is the difference between the ‘Community’ and the ‘Academy’? The engagement aspect would be quite similar, so I think it can be grouped into one.
Finally, based on the current circumstances, I believe that the ‘Finance’, ‘Marketing’ and ‘Growth’ working groups should be formalized and developed as a priority.
I think so, People & Operations would be a better name.
Yes, I think it would be possible to group them. I thought about community being more the mods that are already helping with discord and discourse. A lot of work on that. The idea of Academy was to bring new users to DeFi, providing easy to understand user guides and some educational content about DeFi. I think that facilitating the understanding of new users of DeFi and FEI could be a competitive advantage for us.
As FEI is the stablecoin for DeFi, makes sense to “educate” on how you can use FEI in the ecosystem, the related risks, etc. I think that is so important that I suggested to be a spinoff of community.
For sure, I agree, these should be the priorities. I will draft sth in relation to Finance and share in the following days.
