FIP-24: Gas Refund for Tribal Chief Transition

FIP-24
status: Last Call

Transitioning to the new TribalChief staking system brings many possibilities. But one major annoyance is the gas fees required to transfer funds from the old staking system into the new one.

I would like to take a temperature check on how TRIBE holders would feel about granting a gas refund, paid in TRIBE, to users that transition their funds from the old staking system to the new one.

The general idea:

  • Any address that 1) was staking in the month of August and 2) is staking the same amount of funds in TribalChief before October 1st will receive a 500 TRIBE gas refund
  • Gas refunds would be paid out in TRIBE from the TRIBE staking allocation
  • All gas refunds would occur in a single transaction initiated after the cutoff time
  • This would NOT be a recurring refund, nor would the value change based on actual gas paid per user

Advantages:

  • Minimize friction from transitioning to new system
  • Reward long term holders

Disadvantages:

  • Would cost TRIBE (around 2,000 stakers times 500 TRIBE would take 1,000,000)

Some Data:

Number of stakers at of different sizes:

  • < 2k LP → 1018 stakers
  • 2k - 5k → 452 stakers
  • 5k - 10k → 277 stakers
  • 10k - 100K LP → 434 stakers
  • 100k-1M LP → 83 stakers
  • 1-20M LP → 16 stakers

Thoughts?

16 Likes

Couldn’t agree more, I’m not in the smallest tier of LPs and the migration is quite a few days of LPing. 500 TRIBE seems fair.

4 Likes

are we gonna be voting for this? i think its a costly gesture that would prove how FEI and its team takes care of its supporters, and it will just spreads more faith in the development of the project.

2 Likes

I staked the fei-tribe pool on September 1st, spent more than $ 250 on commissions. You say that those who staked the tribe-fei in August will receive the drop. Why shouldn’t the rest of the pool owners get it, who steak after August or before August?

1 Like

Since I am falling into the smallest staker size, I would very much appreciate some GAS refund. Gas has been crazy, forced me onto L2. The few L1 operations are extremely pricy. Without any help this move would burn a considerable amount of my staking rewards. Without L2s Ethereum is becomming a whale chain.

2 Likes

Thanks for putting this thoughtful proposal together @storm. As a long term supporter since the genesis and shrimp staker ( :joy:) , this proposal not only incentives me to follow the decision of the community (upgrading to TribalChief), which, to be fair, has its inherent risks given it’s a new process. More importantly, it makes supporters like myself felt heard and cared during migration period.

I have less opinion about the actual amount, be it 500 TRIBE or 100 TRIBE, or even a NFT series as badges for supporters who signal their support by performing the manual migrations.

Cheers!

1 Like

A good but expensive proposition.
I think all stake holders who meet the specified conditions will agree to compensation for the forced waste of gas prices.
But I think that it is also necessary to include those who made their bets from September 1 to the beginning of the TRIBAL Chief operation. because they also have to migrate their bets to V2
(I think there will be few such people)

3 Likes

You have said that the compensation will only occur for those who have staked the same amount. I would suppose you will be eligible for the compensation for those who stake an even higher amount? I’m going to recycle some of the TRIBE rewards accumulated and stake back in.

EDIT:

On second thought, do not compensate using TRIBE because thats an instant dump and will hurt TRIBE prices. If a gas rebate is given, mint FEI. At an average of 300 FEI per wallet, this should not affect PCV and will put more FEI in circulation.

All rebates in the future should be through FEI.

3 Likes

Good!
I agree with you.
it is necessary to include in the terms of staking the increased deposit, and not just “exactly the same amount”
And yes - for the TRIBE course it would be better if the gas compensation was in the FEI and not the Tribe!

  • Any address that 1) was staking in the month of August and 2) is staking the same amount of funds in TribalChief before October 1st will receive a 500 TRIBE gas refund

I have copied the amount of fei-tribe lp tokens I owned after unstaking(v1) from the fei staking website. I put this amount in the v2 staking and after the transaction went through I was still left with 0.000xy amount of lp tokens. This means I wouldn’t be eligible for the gas refund?

Not sure whether this was my fault or the site UI is rounding off. Would be safer if the UI wasn’t rounding?

edit: got a response on the discord server that the amount doesn’t have to be exactly the same. Quoting Sebastian: “It doesn’t have to be the exact amount, it can be made to be the same amount minus some dust.”

1 Like

This proposal HAS to pass for the good sake of the project. Early supporters who still haven’t regain their invested capital will appreciate this effort in the right direction.

3 Likes

We need to see:
Your Staked LP: x FEI-TRIBE LP
Staked LP Value: x+y
in V2 as well… Or the units of FEI and TRIBE staked,

We really need to get a compensation for the credibility of this project. Frankly I am in since genesis and lost money on this project, so being forced to pay huge gas fees again without compensation is really not fair. Maybe not relevant for whales but for retail like me it eats most of my staking rewards. Also better to get FEI than TRIBES. This way I could add more liquidity with the received FEI and my TRIBES rewards without having to swap.

2 Likes

Good and fair proposal.
Wasn’t the info out on Twitter on Sept 2nd though? Just need to make sure the program includes each and everyone who started staking before they could learn the system was going to change.

1 Like

Nice, it seems like there is a lot of support for this proposal.

It also looks like this is the first time a lot of you are posting on the forum. Your suggestions are helpful so keep them coming in the future.

On the points raised:

  • Yea it makes total sense to extend the deadline into the first few days of september
  • It also makes sense to have some tolerance (e.g. 1%) on what is considered “the same amount staked”, in case people have some lose dust or other small remnants during the transition.
  • On refunding in TRIBE vs FEI, there are some technical and economic tradeoffs to look into here. Not sure which would be better.
1 Like

Ok moving this proposal to last call. Will have a snapshot vote in 48 hours.

Implementation-wise it looks like it will be cleaner and more gas efficient to do the reward in FEI. It also makes sense for the points @arcology raises so thanks for bringing that up

It seems like the cleanest implementation will be to have the DAO send funds to the OA multisig and then the OA multisig sends out a bunch of multisend batches to recipients.

4 Likes

Fully support this proposal – echoing what other folks have already mentioned, compensating stakers for gas fees makes a lot of sense if we want to show our support as a community to our stakeholders. As for FEI vs Tribe for gas refunds, I agree with @arcology and suggest that we refund in FEI if possible.

Excited to see this on snapshot.

1 Like

the snapshot for FIP-25 TribalChief Gas Refunds is live. if you have an opinion on it, you should vote

https://snapshot.fei.money/#/fei.eth/proposal/QmUXci4SffdLERxfaAU4Qm2ksSv9UE4fQ7squVMQVZrLcv

1 Like

just to be clear, if you started staking a long time ago, and were still staking in August, that counts toward eligibility. the proposal is not limited only to those who started staking in August

1 Like

This vote should have included staked LP on the old and new staking contract IMHO.

1 Like