We are excited to share an update on the most important community and core team objectives over the coming months.
These objectives fall into three broad categories:
- Protocol Upgrade
- Core lending integrations
- Other initiatives
We are going to be diving deeper on everything below in specific posts as they become relevant.
As mentioned in a recent announcement, OpenZeppelin is currently auditing an enhanced version of the protocol that contains many useful upgrades and increases security. Here is the audit timeline:
- week of June 7 - audit start
- week of July 5 - audit end
- late July - Feedback addressed and reviewed
- early August - Deployment
The contents of the audit include:
- Ability to create new bonding curves, reserve stabilizers, and Uniswap PCV deposits with any ERC-20
- Support for Chainlink oracles
- An improved reweight algorithm which operates on both sides of peg and minimizes protocol PCV spending
- TRIBE emergency backstop
We are going to want to discuss and snapshot these optional changes which depart from original protocol functionality:
Using Chainlink as primary oracle with UniV2 ETH-USDC TWAP as backup Chainlink Oracle Integration Discussion
TRIBE emergency backstop
Removal of direct incentives FIP 4: Reinstate / Remove Direct Incentives
- To bring to snapshot this week
A major use case for stablecoins is matching demand for leverage with demand for yield in lending markets. We regard these 4 partnerships as the top priority for Fei Protocol, and hope to integrate and bootstrap markets in each in the coming months:
- Rari Capital Fuse - discussing partnership here FEI Lending Partnership - Rari Governance Forums
- CREAM - snapshot vote to add FEI passed
Proposal - C.R.E.A.M. Finance
- Aave - we will soon submit a proposal to add support for $FEI as a lending currencies
- Kashi - working with Sushi team to add FEI, should be straightforward as we now have Chainlink oracles for FEI and TRIBE
With community input, we should set criteria for the minting of FEI or the transfer of PCV directly into a partner protocol to provide liquidity. Minting FEI would help bootstrap the market and provide yield for the protocol. Leverage traders can use deep FEI-ETH liquidity to leverage ETH with any FEI supplied in these markets.
Continuing to clarify PCV management strategy and make tactical deployments:
- stETH purchase for yield generation
- Revisiting DAI/stablecoin opportunities with additional clarity on deployment strategy
Enhancing TRIBE liquidity incentives strategy. This would allow distributing the current TRIBE rewards to incentivize multiple dex and lending pools rather than just FEI-TRIBE.
Hiring for the core team. Check out our open positions here: https://angel.co/company/fei-labs
We are also actively pursuing exchange listings for FEI and TRIBE to help widen access throughout the ecosystem.
There are many exciting opportunities to build in the coming months! We are looking forward to more community discussions on related topics and further ways to increase the adoption of FEI as a decentralized and scalable stablecoin throughout DeFi🌲