FIP-68: Finalize Fei-Rari Merge

Status: Draft

Authors: @JackL

Summary

Finalize Fei-Rari merge by repaying the REPT-B debt, setting an expiration date of August 1st at midnight GMT for the RGT to TRIBE swap, and ending the RGT Sushiswap rewards.

Motivation

  1. The Fei-Rari merge promised a full repayment of the REPT-B debt within 90 days of the merge being executed. Now that we are a few weeks into the merge of both teams within the Tribe DAO, I would like to propose that we use a peg swap for REPT-B to FEI. Joey has written the code for this transaction and it will include REPT-B holders both on Ethereum and on Loopring.

  2. The merge also outlined the swap for RGT to TRIBE and gave a window of at least 180 days for token holders to do so. We are currently working on code that would allow for a fRGT to fTRIBE migration (for Fuse users in pools that share both assets). There will be a series of announcements prior to this migration happening. I propose that we set an expiration date for the swap of RGT to TRIBE using the exchange rate outlined in the merger of 26.7:1 to end on August 1, 2022 at midnight GMT.

  3. The Rari Capital DAO is currently incentivizing liquidity on Sushi as outlined in RIP-2 (RIP-2 Discussion - Rari Governance Forums). Now that the merge is complete, I propose that we sunset this program as the DAO is continuing to spend resources on a liquidity incentive program that is meaningless with RGT not being utilized anymore. I believe It’s important to leave enough RGT for 1 more week of rewards if this vote passes. This will ensure that all current Sushi LPs are properly incentivized and have the ability to claim rewards. Disclosure: If this pool begins to decline in liquidity, it will affect the Chainlink feed and TWAPs that use the RGT price as an oracle.

Specification

Create a hard stop for the RGT to TRIBE migration of August 1st at midnight GMT, which is at least 6 months from now.

Deploy the code necessary to allow REPT-B holders to redeem for FEI.

End Sushi Pool2 rewards program.

Voting Options

The proposal will be a yes/no vote for both proposals. The voting options will be as follows:

  1. “YES pay the REPT-B debt, NO don’t do anything.”

  2. “YES, end the swap period in August, NO don’t do anything.”

  3. “YES, immediately stop Sushi incentives, NO don’t do anything.”

Voting Rules

Non-binding signaling Snapshot vote. The options which pass both 10M TRIBE quorum and >50% approval will be enacted

11 Likes

Agreed to all points. Let’s get this behind us and moving on to better things.

5 Likes

Agree to all points.

3 Likes

This is a tricky one:
Yes, YES and yes

2 Likes

Thanks for writing up this proposal @JackL!

Hack victim here and just want to add some feedback on the possibility of the “NO” outcome on voting option 1. The hack repayment was agreed up on by both parties and each DAO members as apart of the merger so I’d like to work towards an option that still includes work towards repayment in this proposal. Hoping for community support as this comes to a close!

4 Likes

While I expect most points here to be largely a formality, I agree with @AcidPunk that the hack repayment was already agreed on, and the language should be changed to “discuss an alternative repayment method” instead of NO for that point

Otherwise completely in favor

6 Likes

This is wonderful. I am obviously very much in support of this.

3 Likes

Great write-up Jack. I’m in favor of all 3 points to finalize and begin moving towards the future.

1 Like

I am in favour of all points and suggested edits so far. I am a hack victim and reptb holder. Two more edits and a suggestion to consider:

Motivation 1: The text should indicate that this was a term of the merger and therefore already approved by the community. Or remove it from the proposal given that it already passed. What is the purpose of temperature-checking something that has already passed? Shouldn’t it be an on-chain vote?

Vote 3 YES option: Consider removing/changing “immediately” because it appears to be inconsistent with the Motivation section, which proposes one more week (unless I’m misreading).

Suggestion: Given that this proposal is considered non-controversial and a formality, I encourage the team to show public support on discord, twitter, etc., and vote in favour.

Thanks everyone for their hard work on this proposal and the merger! Sometimes ya gotta herd cats to move mountains

5 Likes

Snapshot will go live tomorrow. Last call!

Final proposal will incorporate all the feedback shared.

2 Likes

Agree to all points.

On the REPT-B repayments I agree that the wording should be changed to indicate that repayment has already been approved.