100% pre-swappers are screwed
3 Likes
Cool, thanks and will check out Rari
I think this proposal is a mistake, will detail why, & provide concrete alternatives. Let’s start at the top:
What is the goal? The goal should be to re-peg fei & reward the long-term supporters so in the future your team/DAO is given the benefit of the doubt when things get rocky, rather than a mad rush for the door. FIP-2 as it stands accomplishes neither.
$0.95 redemption without a simultaneous release of a purported fix is a band-aid at best, and a free hand out of PCV to short-term supporters at worst (e.g. the people who took their free air-drop & want out asap). You only have so many bullets to fire, so make them count. I would absolutely support $0.95 redemptions along with some other mechanism that your team hypothesized would fix the peg (e.g. fixing re-weights, DI, something new, whatever). Without the add’l mechanism, you’re basically sending money to non-supporters and losing credibility in the process.
Doubling the staking rewards will just attract yield farmers in the short term. This doesn’t fix the peg, and it doesn’t help your staunchest supporters (& potentially hurts them as yield farmers dump into the market). I could get behind this idea if the staking rewards were locked for a period (say a year), but otherwise fail to see why this would be attractive. Justifying increasing the staking rewards because it’s “easy” instead of right is a very poor way to steward a community. An alternate plan I think would better figure out who’s here to stay is: 1/ an airdrop (say 25m) to current tribe holders weighted by size x length of hold (e.g. those who bought yesterday getting almost none, those who pre-swapped & continue to hold getting the bulk). These are your potential long-term supporters, how you treat them is up to you. 2/ additional airdrop (say 75m) on tribe holders willing to stake/lock for [1/2/4] years. Reward the people who want to be long-term participants in the DAO, not the randos showing up to collect & dump their APY (unless you’re convinced those people are helping the system re-peg, which I’m extremely skeptical of).
Having laid out my thoughts, my concrete counter proposal would be:
1/ $0.95 redemption (maybe a smaller amount of eth – say 100k)
2/ fix re-weighting (or w/e the team’s best guess would re-peg fei)
3/ 25m airdropped mostly to pre-swap holders still holding (weighted by size x length)
4/ 75m airdropped to community members willing to lock for the long term (weighted by size x lock period)
6 Likes
This was essentially an undercover rug. Raises way over what they said they were going to cap it at (massively diluting the entire community that put up the PCV, but not the team though!!!) then teams pretends to let community have a voice but all those people holding TRIBE have and had no voice because the team INSTANTLY votes (with all of their tokens, which are not vested BTW) for the rugging that they want. They took the ETH that TRIBE holders contributed and distribute it to random people and arbitrage bots. While all FEI genesis participants get out with at least 4% profit after selling their TRIBE. TRIBE price has crashed and this proposal will send it to $0.10, the team doesn’t care because they just pulled off a $1.3 billion rug pull and told people they were better off for it.
3 Likes
I voted yes, looking forward to next steps. While the launch was not ideal, the long term horizon still has integrity. 
3 Likes
Snapshot vote is up for those of you who follow more the forums than the discord 
https://snapshot.fei.money/#/fei.eth/proposal/QmVFMxk1h25RByAEVsjVSnCJfm86EL1MMMaJy7YTy7DfyD
So far it’s an overwhelming YES, even from people in the 1-100k TRIBE range, and only 1 person with >150K TRIBE voted “no”. So, while it is still early in the vote, it seems that the fud about “the team forcing their opinion” is not backed by evidence.
1 Like
GrantG,
On the day before the release the report was made official and public and was released via a link over twitter. People use these reports to make investment decisions. You can’t hide behind false statements that contradict FAQs on discord forums. My friends who are lawyers who work in securities law agrees that this is fraudulent.
Tbrick,
On the day before the release the report was made official and public and was released via a link over twitter. People use these reports to make investment decisions. You can’t just say you changed your mind and then release a report with fraudulent statements right before the release. My friends who are lawyers who work in securities law agrees that this is fraudulent.
I know a number of people who were reluctant to invest due to the cap but then the official report swayed them to invest in the genesis. They as well feel decieved and are deciding how best to proceed.
So, basically the initial proposal, which was NO CHANGE and was voted by the ppl holding TRIBE, which is the supposed to be the governance token, has been rejected. And this current proposal is not benefitting TRIBE holders and is a rehash of the initial proposal, less the NO CHANGE option. @Eswak this proposal in no way benefits those who chose the 100% or any % pre-swap to TRIBE and forces us to buy FEI in order to stake, creating artificial demand and causing us to have to double down on our investment. FEI project was supposed to cap demand and did not… out of what? Greed? Not knowing how to cap? What is the issue?
Right now, I can buy FEI and earn a profit on the 0.95 redemption… whereas, where most of us provided the funding for this project in Genesis, are completely screwed. I propose, you allow TRIBE only holders to stake as well, without having us double down and buy FEI to stake. Or better yet, airdrop FEI to us to allow us to stake instead of us having to double down and potentially lose again. That is the only way to allow only TRIBE holders to benefit from this ridiculous proposal.
2 Likes
Or airdrop to CORRECT undiluted amount of TRIBE corresponding to the PCV that we are left with after they distribute our ETH to arbitragers.
3 Likes
YOU WILL NOT GET FEI BACK TO PEG. THERE are many whales with 25 to 100+ million FEI who have been buying it recently. This proposal will allow them to cash out from the thousands of people who dumped. They will consume the 300k ETH in a few hours. You should just airdrop some refund to genesis buyers.
For this to happen, it needs to be listed on Binance and other large CEXs. It’s really a shame that one has to use USDT, USDC, or DAI on these if one wants to exit into a stablecoin.
Yes, I know, I know … and I, too, am all for DEXs and DeFi, but the truth is that people grow into these ideas gradually by discovering and exploring tokens on their favorite CEXs. Not to mention that at the moment the ETH gas fees are lethal for small and medium-sized traders. Currently, the latter have few other options than doing their ERC20 token swaps on a centralized spot exchange where they pay 0.1-0.2% fees instead of $40.00-$100.00 flat per swap (as on Uniswap or Sushi).
The last time I checked, FEI was #67 by market cap on CoinGecko. That’s actually a very good start and outright amazing for a token that is around for only such a short time. Imagine where it could be if it would be listed by TradingView, Binance, Huobi, Kraken, & co.
1 Like
I 100 percent agree, though most people would see FEI as another redundant stablecoin unless some sort of LP farming or staking is put in place on other platforms, or else I can’t see any massive incentives for anyone to own FEI unless they were in genisis
1 Like
Looking at it now, the increased buying pressure of tribe that you mentioned has not happened.