Let the team decide

Letting the team decide on the first steps of the project is beneficial, they are the only ones that we can be sure are committed to the project in the long term, as their TRIBES are vested for 4 years.

I believe that the quality of the preswappers votes(not all) at the moment can be detrimental to the future of the protocol since the absolute majority is not compromised for the long term as the protocol just launched.
Both, preswappers and FEI holders are just looking for your own hands and fighting with each other with the goal of break eaven and get out of the protocol whether they are a customer(FEI) or a shareholder(TRIBE).

4 Likes

the best idea of the night

Spoiler alert: the team already decides.

https://docs.fei.money/protocol/genesis/timelockeddelegator

Team + investors have access to 40% of Tribe vote supply. As an organized minority, they can completely determine the outcome of the protocol, especially among a divided community. Community only currently has access to 60% of voting supply. Community would have to be unanimous and show up to vote in unprecedented numbers to outweigh the team + investors.

1 Like

Yes, they can decide if they want to. But it doesn’t mean they will do without the authorization of the community.

1 Like

Right, but how do you measure what the community is thinking relative to their individual risk? The TRIBE token is the only way of measuring that. We will all vote, but the team (+ investor)'s vote counts as much as 40% of the community.

I agree they seem reactive to sentiment. But ultimately unless they reduce the weight of their vote or choose to sit out (unlikely), it will be up to them (assuming they aren’t divided).

This is exactly the point, the majority is only thinking about their individual risk instead of TRIBE’s long term(since the protocol just launched). As the team’s tokens are vested, we can make sure they will vote for the long term.

1 Like

No, not in this protocol. The fact that they can effectively control the DAO + have Guardian access, means that they control the PCV. They don’t even have to wait for their vest. They could drain the smart contract tomorrow and flee the country. It’s unlikely they’d do that, seeing as they are U.S. based, but it’s possible. Right, so the community pitched in $1.2B to this protocol, the investors and team have $20M invested. 2% of the risk, 100% of the power.

If you don’t trust the team, there’s no reason to be here since they can just rug pull as you said.

The whole point of this space is to DECENTRALIZE. I didn’t realize they had a TimeLockDelegator mechanic coded up as a modification to the Compound DAO. This is not just a security risk, it really is a regulatory risk. For the team’s own sake, they should reduce their influence.

Make a proposal or sell your TRIBE if you have then. Nothing is born 100% decentralized. I totally agree that the beauty of the whole system is its decentralization, but promoting it when we are so young can be harmful.

This protocol was sold as that: Medium

The TRIBE token distribution illustrates our project’s priorities:

  • Community first. Always.
  • A mix of non-capital and capital-based rewards
  • The right amount of investor partnerships
  • A meaningfully incentivized but non-controlling core team
  • Appropriate vesting to reflect long-term alignment
1 Like

That’s why I’m proposing to the COMMUNITY to let the team decide the early steps of this long journey.

And I’m against it. And also arguing against the current TLD vote weight. I am part of the COMMUNITY. Team should uphold those values listed above. COMMUNITY has $1.2B at stake. They have $20M.

Good, we disagree. Make a proposal.

I did: Reduce Weight of Locked TRIBE Team Vote By 50%

Please vote to decentralize the DAO to keep our founders out of SEC crosshairs and to live up to the founding values!