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So you want to punish people who were attracted by the airdrop? The whole point of the airdrop was to attract users and now you’re proposing to renege on that. Don’t forget, we sold ETH at $2050 to participate, giving up our upside on ETH to receive this airdrop. The airdrop was simply too large and attracted way too much capital.
What about people who bought fei after the fact to support the peg? This proposal puts them in a huge hole.
This proposal just sounds like you’re trying to maximize PCV and tribe value at the cost of everything else. It’s way too simplistic and doesn’t account for too many other factors.
5 Likes
Agree - it should apply only for genesis participants to the extent of their FEI purchased at genesis unless already sold.
Considering it’s a quick patch a more liberal policy is vulnerable to someone finding a way to exploit/arb this mechanism and drain the PCV at the expense of genesis participants.
There is no reason to punish those who sold their TRIBE. If TRIBE was not meant to be sold, then it should have had a vesting period.
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No we want to punish people who want both benefits i.e. redemption at 1$ As well as free airdrop. cannot give both benefits at the cost of the PCV and TRIBE holders. You can hold the fei till it achieves peg and keep the airdrop. Your airdrop is burnt in case you redeem.
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We are not punishing TRIBE sellers. But if you sold TRIBE but also want the redemption at 1$ then that is at the cost of the TRIBE holders and PCV. Can’t have it both ways.
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Also if we do this, we need to return the exact ETH amount in genisis instead of 1usd 1fei. Because ETH is up a lot that is fair.
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I agree with your 。。。。。
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FEI is intended to be a stable coin pegged to USD. Not to ETH.
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Then you should let it redeem for $1 without penalty, no?
That’s what we’re proposing. $1 redemption to Genesis participants with the pre condition that the TRIBE airdrop is burnt.
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No, then it’s redeeming for less than $1.
Yes, the airdrop mechanic is what caused excess supply in the first place. This burns supply and gives an out for Genesis participants but not for aftermarket speculators to raid PCV at 75 cents on the dollar.
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If you want fair then PCV should not earn free money from the genusis because of ETH goes up. Otherwise it is not fair.
Yes it is, if you want ETH exposure you HOLD ETH.
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The proposal is redundant because it’s just option 2 with a different price.
I think this proposal is flawed because it will be too difficult to enforce.
What if genesis participants sold their FEI at a loss at the beginning, then they can now buy it again cheap because they are eligible for this program.
Too much has happened in the meantime and this proposal unfairly advantages genesis participants over others who may have come in later defending the peg.
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I would rephrase: anyone who wants to redeem FEI at $1, simultaneously burns airdropped Tribe: Tribe Ratio @ genesis is 76/1000 for FEI.
This proposal implies a app. 4.378% value increase for exiters currently … If the price of ETH and/or TRIBE go up by 4.378% nobody will exit… Seems fair and may work for every kind of fei-tribe users.
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If we’re going with an UNDO option and burning genesis tribe in the process the function should be to simply return the ETH from the genesis transaction.
All speculation of who is making out and who is getting the short end of the stick is relative to the price of ETH at the time of this transaction vs the genesis strike price.
(Sidenote: If FEI is going to be a USD stable coin with PCV as a factor, the protocol funds have to be diversified to move at or higher than USD in market value. Leaving everything in ETH will only increase FEI price volatility and is a recipe for disaster if the ETH price contracts)
It’s an UNDO option for people who want an out. We’re not proposing to roll back the entire chain of events. Also repayment in ETH for a stable coin intended to be pegged to USD doesn’t make sense. Also wrt to the side note, I think that should be the next piece of business after sorting this mess and achieving peg.
3 Likes