Release valve is proposed to be set at $1. But doing it for people who bought after Genesis would be completely at the cost of TRIBE holders and they wouldn’t vote for it. There has to be a solution which is fair to both. Or else TRIBE holders can choose to completely ignore FEI holders and go for option 3.
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Hi Goobus, the only problem with having a no strings attached exit mechanism is I can market buy x amount of FEI right now just to sell it at redemption price and repeat. This will keep on repeating till the PCV goes to zero and bots will have completely drained it. It’s not a possible way to do this in my opinion.
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I agree. This should all be by choice, and should be locked to genesis block participants. I also agree that their airdrop should be burned or pulled to the farming pool.
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What’s good for FEI holders in the long run aligns with what’s good for TRIBE holders in the long run. One won’t succeed without the other succeeding.
I preswapped about 15%. I’ve staked all my FEI/TRIBE LPs. The rest of the FEI I’m holding right now isn’t doing a lot for me. I can’t sell it. I can’t spend it. I can’t earn on it. It’s just dead weight until the protocol works properly.
I plan to sell off my excess FEI that’s not being used if the proposal goes through for a dollar. I still am invested in the project. I still support the project, but I’m not weighed down by it.
We need to relieve this pressure from people who want out, whether it’s partially or totally. Once that happens, FEI will function properly and people will utilize it more and TRIBE prices will go up.
Buy 100k FEI right now if it’s a slam dunk. It’s not. That’s why it’s priced at 83.5 cents.
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You can still market buy additional TRIBE on the market and exit up to your GENESIS FEI position. If you only redeem 20% of your Genesis FEI you should only have to return 20% of airdropped TRIBE. It’s quite easy to do a swap and transfer. You are looking at a max worst case 10% haircut on any redeemed FEI (but 0% loss if you did nothing) but might even come out ahead.
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This proposal is interesting and similar to a $0.90 redemption. Genesis users who deposited 1 ETH got ~2000 FEI and ~150 TRIBE. If we did the undo button as proposed we could require this ratio of TRIBE be burned in addition to FEI. The extra complexity doesn’t necessarily feel worth it as I think the net effect on TRIBE holders should be similar.
As far as making redemption only available to Genesis participants, that would be arbitraged by users selling to Genesis participants who have access. Capping people at their Genesis purchase amount also doesn’t necessarily solve the problem, again going back to the technical complexity aspect @LC213 highlighted a few of them
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Hi @joey. I disagree that the net effect is similar for tribe holders. Someone who didn’t pre-swap and sold all their airdropped tribe but wants to get the redeemable value for fei would need to buy tribe tokens. This would put buy pressure on tribe, allowing someone who’s 100% tribe to exit as well. Redeemable at $0.90 has no direct effect on tribe, only indirect through PCV. Also burning tribe would reduce supply, benefitting tribe holders in the long term. Please reconsider.
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Right now, if you allow unconditional redemption, you will cause bots to game the price and drain PCV. You are simply rewarding aftermarket FEI arbs. TRIBE Genesis preswappers are then stuck with 75% dilution on airdropped TRIBE, and now the PCV is less. Their TRIBE positions, had the raise been $250M instead of $1.2B would have been higher. I get that core team’s percentage is static, so I feel like your pain is not the same as preswappers right now. This imbalance is addressed with the undo button. It also gives people a rational choice about whether to stay or go and does not openly encourage any FEI holders to drain the system.
The incentivizes are extremely important to align. Don’t punish your long-term community.
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This good point and goes without question, but the second point to burn Tribe is quite simplistic and could be problematic. A better a approach is to drive value into Tribe, by tying redemption to the peg with owning Tribe with a similar weigh or some agreed on percentage at the Genesis prices.
That might be easier to implement, but it would mean more PCV drain and would still only benefit arbers. It still screws over Preswappers who got diluted by up to 75% in the preswap. A refund + burn is the only way.
This proposal is much more fair for the people who really want to stay and support than original proposals by the team !
Great idea. Tribe believers should be rewarded.Opportunists should be punished
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Then if you want to go this far, how about giving them the exact ETH They had when they bought Fei, since you are taking their Tribe away from them. So take their Fei, take their Tribe, and Give them their Genesis committed ETH.
Hi, @joey
Undo button for pre-swapper is necessary.
Give the tribe holder a chance to take back their FEI.
Many people do not know the result of pre-swapper.
As the case of me, an 100% pre-swapper, I want to get half FEI back, and sake LP to earn TRIBE.
It make more tribe holders , hold FEI and make the price volatility becomes smaller.
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What happens to people that sold their TRIBE airdrop for FEI according to this proposal? Are they still eligible? My guess is that the FEI you got from genesis can be redeemed at 1 but he FEI that you got for selling TRIBE will not be eligible. But then why would you burn your TRIBE instead of just changing it to FEI?
If we don’t have a way to take back the TRIBE airdrop from people who want redemptions we let people leave with a profit that they can make off the TRIBE airdrop, while I wouldn’t hold anything against that, TRIBE holders most likely wont vote for something that lets FEI holders profit off the losses of TRIBE holders. There needs to be something for both.
100% agree.I support this proposal
there are only 2 solutions without ours and yours
- full buyback
- wait for the protocol to be corrected