I believe @cozeno is making the below argument as well.

I donāt think this is true because FEI is not a scarce asset like TRIBE. In my post above I used the example of gold bars, but to be more extreme, suppose I own an NFT, and this NFT can be paired with 1 FEI to receive a staking reward of $100. Only I own the NFT, so I get the full $100 reward. Now, suppose the reward scheme changes so that staking my NFT alone gives $50, and the remaining $50 goes to FEI stakers. I can still stake FEI, of course, but everyone else can also buy FEI at $1.01 and stake. So my reward from staking FEI will definitely be lower than $50. As a result, I am worse off.

This wouldnāt happen if people staking FEI had to buy it from me, just as they would have to buy TRIBE from me if they wanted to stake TRIBE. But FEI can be minted by anyone.

The current Uniswap reward is close to 100% reward for TRIBE holders because FEI, which can be minted by anyone, must be paired with TRIBE to be eligible for the reward. As a result, any change that keeps the total emission the same but introduces a significant amount of FEI-side rewards is a reduction in the reward going to TRIBE holders. I am not saying such a proposal should never pass, but we should explain to the voters that the proposal would reduce their rewards.

I think the correct way to compare the rewards for TRIBE holders is to use the stablecoin interest rate for FEI.

Letās ignore divergence loss (IL) and swap fees for now. Currently, 80M TRIBE is being staked with 64M FEI to receive 140M TRIBE in the next 1.7 years. Assuming PCV net worth stays at 530M, the dollar value of 220M TRIBE is

530M * 220/700 = 166.6M $.

So the total dollar value that the stakers have after 1.7 years is

166.6M + 64M = 230.6M.

Now, suppose we remove Uniswap and allocate the reward equally between single-staking and FEI. The TRIBE side would give 70M TRIBE after 1.7 years, so the holders would have 80M + 70M = 150M TRIBE, which will be worth

530M * 150/700 = 113.6M $.

So to break even, the holders need to have 230.6M - 113.6M = 117M FEI after 1.7 years. Since they start with 64M FEI, this requires an APY of

\left(\frac{117}{64}\right)^{\frac{1}{1.7}} -1 = 42 \%

As long as stablecoin yield stays under 42%, TRIBE holders will be worse off.