Per FIP-59 and FIP-60, we will be adjusting TribalChief reward streams and concentrating rewards on the FeiRari Fuse pool. These are the aggregate changes that will be made:
Remove FEI-TRIBE pool2 incentives from TribalChief
Move FEI-3Crv incentives to FeiRari and reduce to 250 AP
Add to Curve+Convex and farm for DAO
Move FEI-DAI G-UNI incentives to FeiRari and keep 100 AP
Add d3 to FeiRari and add 250 AP
Add plugin to farm CRV/CVX and sent to DAO
Add FEI-USDC to G-UNI and add 500 AP
Votium 250 AP to bribe for CRV + CVX rewards
Effectively this will move all of our rewards other than Aave borrowing incentives + LaaS rewards to FeiRari.
The CRV/CVX plugins use a bond structure like olympus pro where the Tribe DAO is effectively paying TRIBE rewards to farm CRV + CVX which is strictly more efficient than vanilla liquidity mining as it is value accretive to the DAO.
This is the proposed rollout plan and dates:
Jan 3 - Remove FEI-TRIBE pool2 incentives + add votium incentives from FIP-59
Jan 9
Lower FEI-3Crv incentives to 500 AP on TribalChief + add 250 AP to FeiRari (750 AP total)
Add d3 to FeiRari with 250 AP
Jan 16
Lower FEI-3Crv incentives to 250 AP on TribalChief
Add DAI-FEI G-Uni to FeiRari at 100 AP (200 total with existing DAI-FEI)
Add FEI-USDC G-UNI incentives at 500 AP to FeiRari
Jan 23
Lower FEI-3Crv + DAI-FEI incentives to 0 on TribalChief
Pending Security Review
Add Convex plugin to d3 on FeiRari
Add Convex plugin to FEI-3Crv on FeiRari if we have a gauge
The above plan is proposed to minimize technical risk and stage the rollout of the most critical components. They assume OA will be able to queue the action 4 days before the listed goo-live date. There will be temporary dual incentives for FEI-3Crv and FEI-DAI G-Uni tokens to give an additional incentive to migrate and give more time for users in the TribalChief to migrate.
I’m in support of this proposed allocation of rewards. It will be good to be paying for liquidity denominated in decentralized stables instead of the 3Crv pool which is half centralized stables.
I like this proposed timeline as it mitigates risk in the rollout by spacing these large rewards changes out over time.
We should also add more incentives to the gelato FEI-DAI contract as that provides very concentrated liquidity and utilizes a decentralized stablecoin instead of a centralized alternative. Instead of having only 100 allocation points, that pool should move to 500 allocation points.
This is a lot of movement for anyone that is trying to take part in staking. Is there any plan for proposal for a gas refund? I could see this being done at the end of the changes, possibly the week after January 23rd.
Discord seems to be asking about this as well.
I know for me personally, the fees really start adding up. Below is what it looked like.
Fee in Eth
.0118 - Withdrawl All and Harvest
.0126 - Remove Liquidity (FEI-TRIBE)
.0209 - Supply RARI with TRIBE
.0047 - Approve FEI for minting DAI
.0200 - Swap FEI into DAI
.0068 - Approve FEI
.0067 - Approve DAI
.0549 - Add Liquduity (FEI-DAI)
.0066 - Approve G-UNI LP Token
.0283 - Deposit G-UNI LP Token
Totaling 0.1732 ETH spent just on fees swapping from TribalChief FEI-TRIBE LP to Tribe into RARI and FEI into Gelato. Hits hard when APR is also reduced by these changes. The fee to add liquidity on these platforms can be ridiculous.
On the note of Gelato FEI-DAI I would also agree that it should have the incentives increased.
A community vote on this is always welcome. We refunded 500 FEI for the last one which is roughly .125 at current prices.
Note the devs are super slammed right now (building dope products ) but anyone in the community can step up and try to get this through.
Gas is a reality on Ethereum, and sadly if it is a large factor in profitability you need to consider how quickly things can change in DeFi when deciding to enter and remain in these farms. Hope this comes off the right way, I want what is best for the community here so lets keep discussing possible options
So basically, small investors need not apply? I have had $10K tied up in in the LP for almost a year with barely any return and now its costing me nearly 10% of my investment to restake. Like I said, small fries need not apply. So much for true decentralization.
We the team care deeply about ALL our community. I’m just pointing out that Ethereum is expensive and users need to keep that in mind as it affects the viability of any position. The gas fees are a symptom of decentralization/demand, not an argument against it.
I haven’t been keeping an eye on the fei protocol news since the previous TribalChief change, and today I see that the TRIBE-FEI-LP tokens are not generating profits due to a new change.
My question is: with this new change, what should I do with my TRIBE-FEI-LP tokens? And what about the ETH gas fees?
You can leave them in the contract but the LP tokens are not receiving any TRIBE rewards. However, it is probably better to remove the LP tokens. Then you could restake TRIBE or FEI individually, if you want to keep earning rewards.
Also, make sure to join the Discord server, it is better suited for these types of questions.
) but anyone in the community can step up and try to get this through.