The current CR is high because user FEI is not growing fast enough. Capital is king and shouldn’t be wasted. After many years of using profits for buybacks, MakerDAO is now planning a capital raise (and yes, it made buybacks above the current price on average last year).
I also don’t see a real point on treasury swaps. It’s the flavor of the day in DeFi but again quite useless.
As a TRIBE holder, I want the return of TRIBE equity (RoE) to be the biggest and get a leveraged exposure on ETH. FEI is core to get cheap leverage.
If investing in TRIBE is getting 200%+ exposure to ETH and 30%+ non ETH RoE (incl. reward costs), I can assure you that it will not trade below the net asset value like today, it will trade at least 2-3-4x.
Optimization of the asset part is under way.
What is lacking is how to improve FEI footprint. There is no sliver bullet here, but that’s why I’m obsessed about getting the peg right. It’s far from enough, but it’s something easy (and FRAX is still better).
I would say work is needed. If we want to reward ourselves, let’s unwind all the PCV and just keep enough for FEI user to redeem other stablecoins.