This is just awesome!
Tribe holders need to pay more to escape!
Tribe/Fei is 3.2 during genesis, but now it is only 1.8.
So those who pre-swap will need to buy more fei to leave!
I would prefer that for every 156.437 TRIBE + 2037.768 FEI redeemed, the redeemer receives back less than 1 ETH.
I would propose 90% of the ETH is returned. Reasons:
- People who undo are still up in fiat terms, since ETH has increased
- TRIBE holders rewarded for sticking with the protocol due to an increase in PCV ratio, imo this increases the likelihood the vote will pass
- The added friction will result in a reduction in sell-pressure
Cons:
- Undo participants won’t get back their full ETH
I would keep the window open for a limited period of time, I suggest a few days will suffice and then put it to vote again.
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I dont know If I understood well, but as ETH is USD 2.340, I see an incentive to everyone redeem and PCV goes down to 0. I also think the premise for those who bought FEI was to be exposed to a stablecoin and not ETH volatility, so I think is more fair to return $ 1 and require the bonus TRIBE, as stated in the Undo Button Proposal.
In the case ETH decreased in price, nobody would ask for their ETH but would ask to receive $1. And I think they would be right, because they bought a stablecoin with peg $1.
Yes it does. Read the whole post.
If ETH went down, the protocol would be insolvent, and people would not be able to ask for anything other than ETH. The protocol would not have enough $ to give everyone $1 back. Not returning ETH would be freerolling investors’ ETH volatility, like owning a free call option, which does not seem right.
At this point, the only other real option is to offer reweights, whereby everyone should be able to sell FEI at $0.99-$1.00, and keep their TRIBE-- which seems to be what people who voted against $1.00 redemption didn’t want to happen. I took time to write out a combination of @siddarth and @joey 's ideas in order to try to find a happy medium for all, and allow a quicker resolution.
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yes, you hit the main point, quick resolution.
I see your point. But it was stated that the ETH was not redeemable. Actually, I think we are not going anywhere discussing this here, because If TRIBE holder didnt approve even a 0.9 / 1 redemption, redeeming ETH would be even more difficult to get approved.
Like I said, I would be happy if the team used forceReweight() ASAP, and everyone can proceed.
Re: ETH not being redeemable. The protocol was also supposed to have direct incentives, no bugs, and callable reweights. But it does not, so we are in uncharted territory that calls for creative solutions as damage control.
It was also stated that fei was a stablecoin not fei+tribe. I m both ok with redeem fei+tribe for eth or fei for 1 dollar but if you take one step back I m sure even you can see that fei+tribe for $1 is greed
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Where is the sweetspot? It sounds like 1usd redeem scenario with better wording. If this was to captures Undo Button spirit, i think it misses the mark or i am missing something…
no good idea… this is the worth idea tha i had listened
probably “undo” is not a good name. I believe we need to cut down circulating FEI to able to move forward, we should call it something like FEI buy back. If the team think all these are not needed, we only need PCV reweight and DI to be able to peg FEI back to $1 without the need to cut down circulating FEI, then just do it without undo. It is all about the team’s viewpoint, they should make the call quick.
if we need to cutdown circulating FEI, we have 2 options
1/ $1 buy back FEI and burn it (it was voted no by the team)
2/ People pay back with the exact genesis ratio including airdrop TRIBE to redeem their ETH.
and need to stress it one more time, QUICK and hopefully cleaner implementation needed promptly. Don’t come back this and that, we need to wait…blah blah blah, the fact is even without the bug, FEI was never be able to peg.
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Don’t mention the suggestion to hurt the holder of the triber, it won’t work. Vote will fail
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A lot of people have turned against this since ETH has moved, which I warned against in my original proposal, as well as in the OP here:
" There should be a sense of urgency here to reduce risk and not drag this out significantly.
> If ETH moves down fast, things could get very ugly. If ETH goes up, no one is really happy since they invested ETH in the first place – this is a no-win situation unfortunately."“+allows for a simple implementation, which helps with both safety and creates an expedient option for many. This is helpful as all will be less exposed to ETH volatility.”
Even though this should not matter, and we should decide what is fair under the veil of ignorance, people are being results-oriented and seem to think it matters so here we are.
The other version of undo is more likely to pass, but less likely to relieve sell pressure now that the market price for FEI+TRIBE in genesis ratio is already $0.93, making waiting weeks for vote+implementation/audit not even worth it for many to get $1.00. At this point it seems like a waste of time.
I think the only option is to to have the team make a proposal. If that doesn’t work, can proceed with reweights as was always intended. Enough reweights will relieve all the sell pressure. Again I would recommend a sense of urgency in forceReweight() to keep the myriad of problems from getting worse.
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I have only tribe, so I choose NO.
totally agree with that. echo this +1
I want to see the progress
In my opinion, tribe investors should be given a chance to withdraw. Those who withdraw submit a fine of 5%-10%, and these fines will be distributed to the team and those who insist on holding the tribe. In this way, both parties benefit, which not only reduces the selling pressure of tribe in the market, but also reduces the pressure of public opinion on the team, allowing the team to focus on project development
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