Special NFT drop for Tribe preswappers

Hello everyone, here’s an idea that came up in the discord, please express your opinion in the poll below and feel free to come up with suggestions in the replies!

Some context:
At Genesis, participants were suggested three strategies: no pre-swap, farmer, hodlers.
https://miro.medium.com/max/4800/0*bqoELXouO5d8mahk

After the launch and the issues that came with it, FIP-2 was voted on and executed.
It gave the chance for the “no pre-swap” crew to redeem their FEI for 0.95$. In a way, this group has been taken care of. Even more true now that FEI is at peg.
It also gave something to the “farmer” crew, as staking rewards for the FEI/TRIBE pool have been doubled.
The last group however, the “holders” or the “100% preswappers”, have not really benefited from anything. Some have left the boat, but many have been pushed to doubling down on their investment to join the farmer crew (not to get diluted too much with the new rewards even though getting exposure to IL which they didn’t want at first), and many stayed in their initial position accumulating a lot of frustration as the token has been losing a lot of value.

Why do something?
It is fair that Tribe holders have suffered losses. The Tribe token is a governance token and carries all the risks associated with the success of the protocol. Tribe’s mission is to make Fei work.
But at the same time, the preswappers were the most supportive of the protocol, the core believers. And those who haven’t dumped as of today definitely deserve some appreciation.
Also, the Tribe token was not launched like most governance tokens. There was an airdrop but it was known in advance, everyone knew that participating in Genesis even as a 0% pre-swaper, they would get free Tribe. This wasn’t an unexpected retroactive airdrop, and many people (including whales) joined just for that. Doing the preswap took some dedication as the protocol was not a working protocol, with a product already in function. It’s easier to buy a governance token at launch when the protocol is already famous and running. Also, as it was a way to not be front-runned by bots which could have gotten the better price at launch, preswappers expected to get a rather good price for the token. It is clear that there has been some frustration at seeing the price drop, as in fact the preswappers have been the ones buying Tribe at the highest historical price. Since launch, the Tribe token has never been as expensive as it was for preswappers.
Despite all this, many preswappers are still here in the tribe, sometimes just to show they care but in many cases also to positively contribute.

What could we do?
The idea would be to drop a very special and unique NFT for all preswappers who did not sell their Tribe tokens before today (meaning they are still holding or doubled down buying FEI and
joined the Uniswap pool).

This NFT could be either iconic (purely linked with the FEI protocol), either artistic (@GrantG has some ideas to find an artist in the community ready to contribute), and would literally be a token of our appreciation to this portion of the community.

At first, its artistic value and its rarity would give it value. One day, when the project evolves, the NFT could open up some special perks for those who have it (like a tier level, a small bonus on something) which would give it some more financial value. This would be for the community to figure out later on, but at least the NFTs would already be out there. It’d be very exciting to see what happens to the NFT in the meantime!

Thanks for reading, please give some feedback and don’t hesitate to share your thoughts!

The poll:
Do you find this idea attractive?

  • Yes, I find this idea attractive!
  • No, this isn’t the right way!

0 voters

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Thank you for starting this thread @Fifilechien. I definitely support the sentiment.

I am not sure how realistic that would be. Managing a list of pre-swappers could be doable, but maybe somebody with some more technical knowledge could chime in and tell us how realistic further “filters” would be.

Further ideas:
To be honest, it would be pretty cool to have an NFT competition to support artists in the community with a possible reward and to really have an NFT that was voted by the majority/community.
It could be handled like the meme competition that Grant started. Just have a dedicated channel in Discord and let users vote with emojis.

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https://www.poap.xyz/ Might help.

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We can build a list of eligible addresses offline, based on any criteria we like, put everything in a merkle tree and just have the tree root on the smartcontract. If an address is eligible, they’ll be able to make a call to mint their NFT. I think it’s a mechanism that has been use elsewhere already ? Perhaps not for minting NFTs, but for distributing tokens, I’m sure.

love it

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This can be used: GitHub - Uniswap/merkle-distributor: 📦 A smart contract that distributes a balance of tokens according to a merkle root

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Hey Fifilechien! I really like this idea, esp on the basis of increased art associated with the protocol :slight_smile:

As @DioDionysos said, we could source a piece through a community event, that would allow users to submit high quality pieces of art, and then we as a community could vote from there. Although I would like to run something that holds pieces to a higher standard, what that looks like I am not sure :stuck_out_tongue: happy to hash out details though! I would also like to work with artists to design a special Fei Watermark that could be applied to all pieces that we as a community decide to tokenize.

Moving forward, I think events like this would be good to foster artistic development within the community as a whole.

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Hello @Fifilechien , hello everybody.
You know me from infographics, memes, emojis, and moderation. Let me give you my opinion.

The idea provided is close to me. I could create an image for the NFT so that Grant would then make an NFT from the image.
But I also love the idea of ​​a contest for NFT artists. The most important thing, it seems to me, is to determine what the possession of this NFT will carry. ? I think you can immediately put a meaning into it, if there are additional pleasant things - which is good.
In addition, it seems that NTF can be programmed in the contract to be destroyed. If (for example) the owner of the NFT sells his TRIBE, more than 30%. Thus, if you hold NFT, then from time to time you get additional bonuses. a If you sell your coins for more than 30%, then the NFT is destroyed.
If you kept coins for 90 days, then this NFT Becomes “fireproof” + NFT of the second level is given … then the third. If you collect NFTs of all three levels, then there can be a serious additional bonus …

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Excellent. I love the idea. :two_hearts:

We could dedicate the NFT to “the tribe’s original double-G’s”, ha-ha! kidding

For the tribe members who went all into TRIBE (at the highest price) and then doubled down by swapping half of their TRIBE to FEI (near the lowest price).

Who could be a more dedicated believer in the idea that FEI represents (a market-driven non-reserve-based stablecoin) than these ole GG’s?

Or maybe they are just crazy. I am one of them. :innocent:

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Thank everyone for the new ideas and links.
I see three steps that will need to be worked on (probably simultaneously) before writing a formal proposal that can be voted on by the community!

1-Getting the list of eligible adresses

a-Defining the exact conditions that need te be met

We want to be as inclusive as possible to make sure no Preswapper that stayed in the game gets excluded.
So far I see three cases:
1-preswappers that haven’t even claimed yet
2-preswappers that hodl (or bought more)
3-preswappers that became Farmers/LPs (either by buying additional FEI or selling half their Tribe into Fei)

Looking at etherscan’s way of showing transactions, it would mean that these adresses MUST have:
-a “purchase” transaction to get X FGEN
AND
-a “commit” transaction of the X FGEN to pre-swap

And MUST have ONE of these:
1-they must not have a “redeem” transaction
OR
2-they must have a minimum balance of Tribe tokens of X times 700 (we would need a better approximation, this is just guessing)
OR
3-they must have a minimum balance of UNI-V2 of X times 400 in the staking contract (again, just guessing)

b-Using a tool to extract a list

We could look into the Blockzero contracts @pavel pointed out, or the Uniswap-merkle-distributor linked by @voronchuk
We would need a dev or someone familiar with interacting with such contracts to do this for us. Who’s ready to help with this? :slight_smile:

c-Double-checking no one has been forgotten (specific cases like people who moved around their tribe so it seems they didn’t Preswap because they are now on a different address, or people using proxy adresses like Dharma, Argent)
I imagine (and maybe I’m wrong) we will never be able to really find 100% of the eligible addresses no matter how good the contract/call we have. So there should be a final check, or even a news to let people check their availability and tell us if we missed them (and explain what we missed, describe the case they fall into, if they don’t feel comfortable sharing their address)

d-Lock in the final list

At some point we will need to know how many NFTs to mint, so the list should be final.
Other solution, minting some extra NFTs just in case that we would burn after a pre-defined period of time.

2-Organizing a competition open to all artists so their creation is used for the NFT

a-Defining the rules of the contest: duration, media formats and any “must have”, the prize, the voting conditions

-Duration: Once the proposal is passed by vote, the competition would be open, artists would have X weeks to submit their creation.

-Media formats and any “must have”: We want more art to be associated with the protocol, this means we could give artists freedom to propose all kinds of creations (I’m thinking pictures, videos, audio). Or maybe to make the competition “fairer” we could ask for a specific format: only pictures.
Additionally, there could be a must-have: for example the Tribe logo should appear somewhere, or at least the word Tribe. Or maybe that could be the Fei Watermark you have in mind @GrantG

-The Prize: to make sure this competition is attractive and fair to the artists, and get some high quality pieces, we should make sure the prize is good.
What are the “industry” standards in terms of prizes? I suppose we are talking in ETH terms
What can we innovate on? Associate ETH with Tribe for #1, still give out some Tribe to #2 to #5 as they will have come close to winning. A winner takes all might lessen the number of submissions.

-Voting conditions: Creating a discord channel with only the pieces of art on it (it wouldn’t be the place for members to comment) and letting members put emojis.
I’m just wondering how “fair” that is, considering voters would know what others have voted for as everyone can see the emojis. I mean when you’re indecisive between two pieces of art you can be influenced by the “reputation”. Also, how do we make sure the members of the discord actually hold Tribe, mainly to avoid spam (and potential cheating) but also to make sure the people who will get the NFT have weight in actually chosing the art

b-Writing a concise official Competition rules & conditions post or web page people will be able to refer to, and that we can link in the formal proposal.

c-Getting the word out there (communication strategy, making sure it gets shared on Fei’s Twitter, maybe NFT/artists oriented Twitter accounts as well, and also in external Discord servers where artists meet and exchange)

3-The creation of the NFT contract

a-Defining the NFT mechanisms we want

Following what @Spiral suggested:
-Already having an idea of what the possession of the NFT will eventually carry to make sure it is easy to implement afterwards
-Programming conditions for bonuses / self-destruction / combos with other NFTs
As @Yasir suggested we could be using Poap, maybe not for this NFT but for NFTs around it. Might have to anticipate technical compatibility.

b-Preparing the NFT for deployment
Getting the contract written, chosing the right storage (IPFS) for the art, getting the minting contract working so people can mint the NFT
For this we will definitely need a dev with experience to get everything right!

Now let’s discuss the different points above. I think the easiest is for me to edit with your comments and ideas so it doesn’t stay static.
We should set a timeline to make sure we are moving forward towards a proposal.

Also, maybe this is a project we could mention during the first community call to make sure people come share their thoughts on the post. It will probably get Tribe owners excited. Might give artists a first hint at what they could do. Might also help finding the dev resources.

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