Update on FEI-3Crv and Convex Farming Plans

1

Summary

Update FeiRari AP for FEI-3Crv to 1000 and supply cap to $250m before removing incentives on TribalChief.

Motivation

After FIP-66, FEI-3Crv will be receiving bribes on Curve. Likewise this pool has an increased A parameter which increases the effective liquidity depth and utilization. It will go to 100 from 10 by Feb 5, Curve.fi.

There is currently code under audit which will allow the protocol to farm CRV and CVX by plugging in user deposits from FeiRari to Convex. This is effectively a TRIBE exchange for liquidity and CRV and CVX emissions, far more attractive than vanilla liquidity mining. This will be transitioned over as soon as the audit is complete and fixes are in, if any per FIP-60.

The last action item of FIP-60 is to lower the AP from 1000 to 0 on the TribalChief. The main intention for lowering allocation was the lack of liquidity (resolved by A param increase) and lack of profitability (resolved by plugin).

There is over $175m in TVL currently incenvitivized by this 1000 AP which would need to find a new home.

Proposal

Atomically transition the AP of FEI-3Crv on TribalChief to 0 AND on FeiRari up from 250 to 1000 along with a supply cap increase to $250m

6 Likes
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I’m in favor of this proposal as it allows the protocol to earn yield from its liquidity mining incentives without changing much about how they are structured.

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Very much in favor, also when we vote with our CVX, we’ll be able to vote for the FEI metapool & have the protocol capture most of the rewards :slight_smile:

2 Likes
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Moving to last call!