Proposal: Use the 400 Million DAO Tribe to purchase a small amount of FEI every hour until FEI reaches $0.995. If it goes over $1.005, the DAO reverses and swaps a little FEI every hour back to Tribe.
After 1 year anniversary of this mechanism, any Genesis participant who has AT LEAST as much Tribe as they started with at Genesis is put on the whitelist and allocated whatever FEI has been accumulated by the DAO. This allocation could take the form of giving whitelisted addresses the ability to claim their proportion of the total FEI collected within 30 days, after which any unclaimed FEI remains in the DAO until the next year. Repeat this ritual each year until Community DAO is exhausted (it may never exhausted and thus would become permanent).
This will encourage original Tribe holders to keep holding, and incentivize any flippers who sold Tribe to buy them back.
This mechanism can be a permanent stabilizing force, reward Genesis pre-swappers for their dedication and work synergistically in conjunction with other mechanisms.
Problems solved, as it:
- utilizes the 500 million USD value of the Community Fund to purchase FEI on the open market until the PEG is restored
- Restores lost $ value to FEI holders.
- Rewards dedicated and active governance participants who were part of Genesis.
- Creates virtuous cycle of Tribe appreciation that captures the true business value of running the largest and most liquid stablecoin on Ethereum.
- Reduces the potential whitelist to well under 3000 people, possibly just 1000.
Disclosure: I own more than 9 million TRIBE and and equal $ amount of FEI, both of which are staking. …so I believe I may be the largest non-founding shareholder. I lost a lot of value at Genesis, but am in it for the long-term.