FIP-XX: Unwind the TRIBE<>gOHM DAO swap

Unwind the TRIBE-gOHM DAO swap executed following FIP-79 approval.

Olympus and Tribe entered into a strategic partnership with [FIP-79]. The terms of this partnership were:

  • a $2m DAO swap
  • Olympus to take in FEI as a reserve asset
  • FEI to take in OHM as a reserve asset, at a rate of 20% Olympus’ FEI holdings

The DAO swap was executed on March 22, $2m worth of each token based on a 30-day moving average (as stated in the proposal).

Olympus executed a $50m purchase of FEI through the FEI-DAI PSM on May 12 at the urgent request of the FEI team due to concerns over FEI’s peg.

A snapshot proposal ([FIP-107] was posted on May 21 and passed on May 24, recognizing the $10m obligation and assigning ETH as the asset to convert.

On June 13, it was made clear to Olympus contributors through a call with Tribe contributors that the $10m LBP would not occur due to changing views of PCV within the Tribe community (with a heightened emphasis on stablecoin reserves). This was met with understanding and taken in stride by the Olympus community.

At this point, the partnership was considered to be delayed indefinitely. Olympus unwound its FEI exposure between 6/14 and 6/17, swapping $50m FEI for $49.95m DAI through the FEI-DAI PSM.

FEI Protocol reimbursed the $50k PSM fee on 6/29.

Our final step in concluding this saga is to unwind the TRIBE<>gOHM DAO swap. Tribe currently holds 577 gOHM [here], while Olympus holds 3,753,510 TRIBE [here]. Tribe contributors have requested a vote from you, the Tribe, to complete this final step.

  • Unwind the TRIBE<>gOHM DAO swap
  • Do not Unwind the TRIBE<>gOHM DAO swap

0 voters

It seems that you/Olympus were in touch with the Tribe contributors (I presume the Fei/Rari core team).

Have they signaled an intention to participate in this vote? And I presume Olympus will vote with the TRIBE holdings? Would there be a scenario that you have planned for that voter apathy will cause this proposal to not pass quorum?

Supportive of this for the time being. I think we’ve seen historically that DAO<->DAO token swaps do not sufficiently align incentives to produce significant benefits for either DAO, and that specific protocol-level partnerships are superior.

1 Like

48H last call before moving to snapshot

moved to snapshot: Snapshot