First of all, a very interesting discussion - I basically read all of the 100+ answers above. Here are my thoughts:
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I think the main mistake made from the team was the delay between distributing FEI and TRIBE to Genesis participants and the launch of FEI-TRIBE LP pool/staking. In my opinion if this was immediately launched after token distribution the FEI sell pressure would have been not that big.
→ . Let’s wait to see how the FEI-TRIBE staking rewards and the scheduled automatic reweight will affect the sell pressure and overall peg of FEI. -
A comment by the user @len was made above that the protocol and reweight algo is flawed by design and a natural reweight could almost never happen when some specific conditions are met. There was also a similar thread posted by the user @fei.saver (The Way Forward).
→ Can someone from the team comment on that and clarify if that is the case? If so, what is the solution of this and how fast can the contract/algo be adapted so that reweights happen naturally? -
Hours, Days, Weeks is a way too long timeframe for the peg to return back to where it is supposed to be. In crypto people move money a lot and the whole DeFi and liquidity providing sector is very dynamic. For wider adoption of FEI across DeFi it should return to the 1$ peg way faster.
→ Please consider re-adjusting the algos/contracts so that FEI goes back to its intended peg fast. -
Put the PCV funds or a portion of them into some yield generating vaults (yearn, curve, compound, aave, sushi, anchor, etc.) and distribute a portion of the earnings to FEI and/or TRIBE holders. A stablecoin which actually generates yield just for holding - sounds like a nice concept to me and something that would incentivise me personally to keep my stablecoin funds in FEI and not USDT or USDC for example. Because I don’t get any yield/earnings from just simply holding USDT/USDC in my wallet.
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The next problem I see with the Genesis event is that in the perfect scenario you created, users should commit ETH and pre-swap to TRIBE tokens. The users who pre-swapped their ETH for TRIBE are currently seeing their decision to do so as a mistake as they made a loss instead of a profit, as the effective price per TRIBE token these users paid was around 3,20$ if I am not mistaken. Currently the TRIBE token trades below 2$. Basically the users who did not believe in TRIBE can now buy TRIBE at a much cheaper price than the hard believers of TRIBE who pre-swapped ETH for TRIBE - they now feel betrayed and punished for their decision.
→ One way to clear this negative perception of your project to TRIBE believers who helped you bootstrap the PCV by committing ETH and pre-swapping to TRIBE is to find a way to airdrop FEI or TRIBE to those users to make up for their effective losses. -
As a last idea to incentivise and reward people who participated in the Genesis and have not sold ANY FEI or TRIBE tokens since Genesis up to the date when the FEI peg was restored back to 1$ (sometime in the near future), you could make a snapshot of all Genesis participants’ addresses at the time and date when the 1$ peg is achieved and have the addresses of all the people who believed in your project (the hodlers), supported you during these hard FUD times by not selling any FEI and/or TRIBE tokens and do a retrospective airdrop to those users. This would:
a) help reduce negative perception of the FEI project;
b) create more awareness for the project as media will publish articles about the airdrop;
c) show the team’s appreciation during these FUD times and last but not least
d) make your supporters happier
Looking forward to receiving your feedback on my suggestions and thoughts above! Feel free to message me on Discord: mtanev#5639