I strongly agree with this. It’s truly important that we preserve the ETH (and the equity) that we have as a DAO, and we can’t let market conditions dictate our existence. By moving FEI to 100% stable backing, we can preserve the amazing dev team, community, and brainpower we have at the Tribe.
2 Likes
Slightly an aside, we should consider the risks of stETH depeg and derisk this into ETH and eventually other stable assets.
1 Like
I Don’t know if the community is smart enough to vote to sell eth if im being completely honest.
It seems they don’t want to reimburse the hack to protect PCV but they absolutely refuse to Sell Eth.
The tribe seems to not care about its Equity value in USD after not selling eth after 6 -10-20% drops.
We’re supportive of this plan.
1 Like
It’s wonderful that stablecoin backing has increased to 90% due to PSM redemptions. The goal now should be hack reimbursement and 100% stablecoin backing.
NopeDAO veto link for the Tribal Council proposal to request the Tokemak withdrawal as part of this TIP: Tally | Tribe NopeDAO Proposal
Reminder that ongoing DAO and Tribal Council governance proposals can be viewed on the Governance dashboard: Tribe DAO and docs on the Tribal Council process are here: Overview | Tribe DAO Docs
2 Likes
It seems prudent to reduce our stETH exposure at this time given the current liquidity crunch on curve and the small amount of bidders at the current price who are likely there for the LDO and CRV incentives.
stETH could lose another 10-20% of its value from here as investors flee to more liquid instruments.
On-chain vote posted. The on-chain actions also include cleanup items from FIP_104b to claim the DPI and DAI that are remaining in the auction pool deployed several weeks ago.