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!
At Genesis, participants were suggested three strategies: no pre-swap, farmer, hodlers.
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!
Do you find this idea attractive?
- Yes, I find this idea attractive!
- No, this isn’t the right way!