very good idea - this helps both the genesis participants - in tribe and Fei. also if the genesis fei participants have sold this Tribe then they should not be allowed to redeem at 1. the protocol should reward participants who looked at supporting the project long term.
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Love the idea, I am 100% for this. The team should amend the current proposal to accommodate these changes.
If they sold their Tribe They should buy back 7.6% Tribe at market price and and burn it for nothing. So there no need to ban them.
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Yeah that could be an option.
No. It’s not, it fixes the dilution and higher price that preswappers had to pay. If PCV is reduced by up to 75%, preswappers get rekt. This restores balance.
I fully support this proposal. Hopefully development of the code isn’t too time consuming, but I believe @silence_dogood said on discord that it’s essentially a reverse of the gensis code so code be implemented easily.
Disclosure: I’m a 50/50 preswaper/farmer
Just a tribe burn is not enough for holders
I was not in the genesis for info. But still affected in some ways by the drop in value
If we provide benefits and ease for sellers we need to apply the same for holders
you are the only guy who points out the essence of this proposal.
This proposal has similar economic benefits for FEI holders, but the option 2 is riskier for everyone and could penalize more TRIBE holders.
Exposing 75% of PCV seems to be a very risky approach. Someone could buy FEI in the market and sell to this contract just to drain PCV. We would be exposed to simple taking out of PCV without extra benefits for current FEI and TRIBE holders.
If market reaches the equilibrium of, let say 0.9, why letting the PCV be drained by arbs that are trading around 0.9.
I liked the idea of the Undo Button. We could explore more the impacts of the undo (1) returning FEI for 0.9 or (2) returning FEI for 1 + bonus TRIBE
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This proposal makes no sense on many levels. First, it attempts to pick winners in a way that massively disadvantages people who have bought FEI after genesis (and thus, helped support the peg).
Second, it massively disadvantages anyone who sold TRIBE after genesis, including after a bug was discovered. Not everyone who sold TRIBE is a “fast money ape rugging a free airdrop”. The protocol had bugs and the launch has been a disaster in every way – it’s very reasonable to have been optimistic about TRIBE right around genesis, but very pessimistic 1-2 days later. Anyone who sold TRIBE for FEI in the wake of the bug, and then didn’t sell FEI for ETH has also helped support the peg, and should not be punished.
A lot of the arguments here sound like people think that people who made X trade should be punished. When you print a new token and airdrop it, as long as it is not completely worthless, people should be in profit when they sell it. The “this group will have made money if we do Y” arguments don’t seem to understand this.
Meanwhile, ETH is running and the more it does, the more angry FEI holders are going to be when they get .90 or .95 or even 1.00.
I support an optional redemption for FEI at $0.95-$1.01 and an additional airdrop of TRIBE to both pre-swappers and current holders of TRIBE. Given the massive overcollateralization, anything under $0.95 is FUD, and just from a pure optics/trying to revive a struggling project aspect, it really should be $1 as it doesn’t make a large difference in the PCV / protocol equity compared to what will happen if/when reweights are live again.
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This proposal is to give an out to people who believe they got burnt in the Genesis and don’t want to continue being invested in the project. Another tribe airdrop just dilutes the TRIBE supply which will likely cause another price dump and will just compound our problems. However if you feel so I believe there is a thread on secondary airdrops on the forum.
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The airdrops should be vested, as the original one should have been as well. The team can make some concessions out of their allocation or from the TRIBE allocated to the DAO for growth anyway.
Also view this aspect as less important than the FEI redemption; its inclusion is so everyone can feel like they are getting something. No one is getting bailed out. The project will go on.
Also, you seem very concerned about what TRIBE price will do in the short-term, yet you criticize and want to penalize “fast money”. Very interesting perspective.
Expectation was that reweights would happen which would allow people to sell FEI for $0.99-$1.01 of ETH. So why is there even an option to pay $0.90, or to not pay people who bought after genesis below the peg?
Vested airdrops are not an issue. My only concerns are 1. To not let speculators benefit from redemption hence Genesis participants only. 2. To let FEI holders who want to bail on the project leave so we can lose the immense sell pressure so to offer redemptions at $1 (if they want them). 3. Not do all this at the expense of the tribe holders and hence burn the airdropped tribe. A new airdrop with vested tokens is not a problem but it’s an entirely different discussion.
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Okay, and what about people who sold TRIBE for FEI 48hours after genesis, and have not sold any FEI for ETH/DAI/etc? They don’t have any TRIBE to burn. Why should they be punished?
Your proposal turns bad traders into winners and good traders into losers based on your personal feelings of fairness. You can’t pick winners and losers.
You have to consider, what will happen if reweights come back on?
What would happen if the protocol worked as designed?
The answer to both is that FEI holders can sell at $0.99+.
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So let me get this straight…in your quest to “not let speculators benefit from redemption” you are:
- Putting post-genesis FEI buyers at a huge loss
- Letting tribe speculators / holders reap the benefits. Let me remind you, just because someone holds tribe today doesn’t mean they are in it for the long haul.
I don’t see how this solution is better than “letting the speculators get away with it.” You’re just letting one group of speculators benefit at the expense of another, like @HittingBOMBS said.
I also don’t see how this is better for the longevity of the protocol. PCV size isn’t the only metric for long term success. In fact, I’d say it’s not that important at all. What matters is credibility, making sure the peg can be maintained, and to turn FEI into a useful stablecoin.
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Your proposal is not an undo button. First if we want to undo we need to return ETH but not 1 usd 1fei. And we need to use the preswap price to redeem the Tribe from who preswapped. That is undo.
Trying to pick and choose the people you let out and how much you do/don’t penalize them misses the point completely.
The goal of this whole thing is to make it so the protocol can move forward.
I understand the sentiment, but people speculating is part of the game. If people bought FEI after genesis at 80c or whatever, they supported the project even if it’s not long term support.
There can’t be that much money (as a % of PCV) in the protocol that came along after genesis, so trying to figure out how to target it seems silly. Just set the release valve at $1.00, let everyone out who wants to get out and let the project move forward. It was always supposed to be a stable coin that people could buy/sell for $1, so let them sell for $1 and then the protocol can start functioning properly.
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In that case you can hold FEI till the protocol manages to achieve the peg. The point of this proposal is to relieve much of the selling pressure before the protocol is turned on. So if you’re just a FEI holder and don’t have any TRIBE to burn, you can choose not to go in for redemption and instead sell when peg is achieved.
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We are not talking about winding down the project. We are proposing to give an undo button to people who want to leave. FEI is USD pegged so returning ETH is out of the question, that’s the risk that comes with investing. You could have held your position in ETH instead of investing here. If you hold FEI or TRIBE from Genesis, this proposal will take care of you.
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Just posted this in Discord, but posting it here so everyone can see it:
First, I’d like to say thanks for writing such a detailed proposal and taking the time to do it. This is definitely what Fei governance needs, members like you coming up with ideas.
But I think the proposal tries to maximize certain things which aren’t necessarily conducive to the success of the protocol in the long run. It essentially sets the peg at $0.9 and is a further detriment to the continued functioning of the protocol to offer a stablecoin .
If we all just take a step back and think about what’s best for both FEI and TRIBE holders is to allow everyone who wants a clean exit, no strings attached. In the long run, TRIBE would benefit immensely from this kind of gesture and assures future FEI holders that TRIBE holders won’t shortchange them whenever it’s convenient.