I think we as a community may be realizing that this algo stablecoin in it’s current form may not be a viable product in the marketplace. I propose the immediate initiation of an UnGenesis event to liquidate the PCV. Essentially a reverse dutch auction to repurchase all the outstanding tokens of FEI at the lowest single price that clears the greatest number of tokens. All profits which are purchases away from 1.01 are than airdropped to holders of Tribe in ETH proportional to their holdings of outstanding Tribe tokens.
Obviously it sucks for everyone especially the Tribe holders myself included, but at least everyone is getting maximum liquidity all at once to leave hotel california. Tribe holders can then decide to stick around and see what the protocol cooks up next or move on to the next project. FEI holders get mostly whole and don’t continue to suffer this painful reweighing game.
The longer this peg continues to deviate the less trust the market is going to have in this protocol and we’ll all be wiped out.