you can swap some TRIBE for FEI - likely the best option if it passes.
Complement: cf. the Rari (Pool 8) possibility.
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what I think is getting lost here is that TRIBE’s goal (responsibility) is to keep FEI stable and at peg. once that is achieved, then the business of integrations and increased utility for FEI can start and TRIBE will gain value
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After FIP-2 is voted on, the plan is to reinstate the incentives system with the following steps:
- Re-enable reweights with a fixed cadence (e.g. every 4 hours)
- Complete the audit on proposed fixes for direct incentives, including a vote on new DI parameters, and then reinstate them
- Deep integration of FEI into DeFi and diversification of PCV by deploying it productively to support the peg
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There should be roughly 455K ETH in the PCV, that means burning through 2/3 of it to bring the price closer to the peg but not even at the peg! That’s a massive bullet in the foot.
Then, once the 300K ETH have been burnt, there might not be many seller left, but there won’t be any buyer either considering you will loose 2/3 of your war chest.
Fixing the incentive/penalty mechanism would achieve the same result at 10% of the cost with the support of those who plan to hold FEI until it actually become useful and liquid.
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TRIBE’s goal is to generate value for itself. Same goal as any organization that is not charitable.
The most obvious objective leading to value generation is to achieve and maintain a $1 peg for FEI.
The question is: what paths can lead to a ~$1 FEI peg (there is more than 1 of course) and which path will provide the best combination of…
- Speed (to get to integrations that drive FEI demand, while simultaneously avoiding more sustained negative goodwill in the market) +
- PCV preservation
i’ve seen this argument before on Discord but can’t find this paragraph in the white paper - https://assets.fei.money/docs/whitepaper.pdf
any chance you can share the link from where you got this
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I look at it and it’s still 50% down from pre-swap price and with 2/3 of the PCV burnt, that means 1/3 of upside opportunity left.
Sounds great - there is already some great material on this forum for the 2nd step!
Look at the audit report… I believe the “or earlier if the protocol collects enough ETH” part was scrapped due to audit finding a vulnerability, but the change was not well communicated.
I could be mistaken on timing of the quote @Jason posted vs the audit report… but I think that is the source of a lot of this confusion so would take a look at the audit.
(Not the post-mortem… the audit that was performed prior to genesis)
I think you have observed that the “upside opportunity” don’t get TRIBE anywhere.
But maybe I misunderstand what you’re saying.
What do you exactly mean by the “upside opportunity”? Are you sure it directly relates to the TRIBE price? Especially at this point where there is no peg?
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Same people will get rekt over and over. Whales are going to eat up that liquidity faster than home gamers can imagine.
The Fei redeemed should be used to buy Tribe and burned with a fixed cadence . It could be settled on a long term(e.g. 2 years). @joey
@sf.mjones
This is from the official audit report released to the public on 31 March right before Genesis. A lot of Tribe investors who did their due diligence were mislead with this fraudulent statement in the report.
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@joey @GrantG @Meertitan Give the 100% pre-swapper a reasonable price(same as Genesis period is OK) to buy FEI. We want to sake LP
thank you, will review
If the proposal passes…
If you are really worried about the future of the project, then you should be pleased to see such a proposal. This is actually a process of choosing between short-term and long-term interests. Too many tribe holders only care about their short-term interests. They are not for the project, but for their own pockets. As a team, of course, the premise of consideration is the project itself. It’s nice to see the growth of the team
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You need to know that this is an algorithmic stablecoin project. The team should only be responsible for the price stability of Fei. The price of tribe is the result of the game in the market itself. Investors should understand
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As a 100% preswap person, how does this solution benefit me? 100% pre is the person who has made the greatest contribution to Fei protocol. But now they have lost the most, losing more than 50%. This is full of injustice! I will vote against it. If the proposal is approved, I will sell the tribe and leave the project! !
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