FIP-54: Permanently Revoke Burner, FIP-63: Rari Infra Funding, Maintenance
FIP-54: Replace the core reference in the FEI token to a “Restricted Permissions” which only allows for minting and pausing.
This would permanently lock the contract’s ability to burn from any address. It preserves the ability for a user or contract to burn its own FEI.
FIP-63: Fund Rari Infrastructure with 4M FEI and 4M TRIBE over 2 years with clawback
Maintenance:
1. Add an ops optimistic timelock with 24h delay for votium bribes and DAO grants
2. Add Fei Skimmers for both PSMs to burn surplus FEI
Code: https://github.com/fei-protocol/fei-protocol-core/pull/458
Discussion: https://tribe.fei.money/t/fip-54-permanently-deprecate-burner/3743, https://tribe.fei.money/t/fip-63-infrastructure-team-funding/3855
allocate()setGenesisGroup(address)FIP-32: Pre-V2 Contract Upgrades
Summary:
Upgrades a few PCV contracts to be compatible with the V2 Collateralization oldRatioPCVController
Motivation:
Deploys the contracts we have to swap out:
* ETH UniswapPCVDeposit
* DPI UniswapPCVDeposit
* ETH bonding curve
* Ratio PCV controller
Grants minter roles to the pcv deposits & the bonding curve, and pcv controller role to the ratio pcv controller.
Sets bonding curve minting cap maximum for eth bonding curve, and updates the dpi bonding curve allocation.
Finally, moves pcv from the old eth & dpi uni pcv deposits into the new ones.
Uses some adapter contracts to move the PCV from the old ETH BondingCurve into Aave and Compound
Forum Discussion: https://tribe.fei.money/t/fip-32-pre-v2-contract-upgrades/3538
Code: https://github.com/fei-protocol/fei-protocol-core/pull/219
setPendingAdmin(address)FIP-30 Upgrade to OZ Governor
Summary:
Upgrade DAO to OZ Governor
Reduce voting delay from 3333 blocks to 1 block
Increase voting period from 10000 blocks to 13000 (~48h)
Motivation:
Fei is currently using the GovernorAlpha as our DAO contract (developed by Compound).
OpenZeppelin developed a modular governance library that is compatible with the Compound GovernorBravo interface known as the “OZ Governor”.
This proposal upgrades the DAO to the OZ Governor. It includes a "rollback" provision which allows the guardian to revert back to a GovernorAlpha in the event the upgrade is not successful. This feature expires if not used by November 1.
The code has been reviewed by the core team and OZ, with mainnet fork integration tests.
The proposal also removes the voting delay. To compensate for the removal of the voting delay, it expands the voting period to 48h to maintain a 72h DAO cycle.
Forum Discussion: https://tribe.fei.money/t/fip-30-upgrade-dao-to-oz-governor/3532
Code: https://github.com/fei-protocol/fei-protocol-core/pull/187 and https://github.com/fei-protocol/fei-protocol-core/pull/212
FIP-30 Upgrade to OZ Governor
Summary:
Upgrade DAO to OZ Governor
Reduce voting delay from 3333 blocks to 1 block
Increase voting period from 10000 blocks to 13000 (~48h)
Motivation:
Fei is currently using the GovernorAlpha as our DAO contract (developed by Compound).
OpenZeppelin developed a modular governance library that is compatible with the Compound GovernorBravo interface known as the “OZ Governor”.
This proposal upgrades the DAO to the OZ Governor. It includes a "rollback" provision which allows the guardian to revert back to a GovernorAlpha in the event the upgrade is not successful. This feature expires if not used by November 1.
The code has been reviewed by the core team and OZ, with mainnet fork integration tests.
The proposal also removes the voting delay. To compensate for the removal of the voting delay, it expands the voting period to 48h to maintain a 72h DAO cycle.
Forum Discussion: https://tribe.fei.money/t/fip-30-upgrade-dao-to-oz-governor/3532
Code: https://github.com/fei-protocol/fei-protocol-core/pull/187 and https://github.com/fei-protocol/fei-protocol-core/pull/212
_setBorrowPaused(address,bool)mint(address,uint256)_setPendingAdmin(address)_setPendingAdmin(address)_setPendingAdmin(address)_setPendingAdmin(address)_setPendingAdmin(address)mint(address,uint256)grantRole(bytes32,address)revokeRole(bytes32,address)FIP-28/29 FeiRari TRIBE and Optimistic Approval
This proposal combines FIP-28 and FIP-29 related to Optimistic Approval and FeiRari TRIBE.
Specifically it:
* gives the OA timelock admin control of all FeiRari components and parameters
* gives OA timelock admin of TribalChief and revokes old timelock
* blocks TRIBE borrowing from the pool in anticipation of single-sided TRIBE staking rewards
* mints 50M FEI to the OA timelock for future lending deployments
* mints 1M FEI to seed Fuse pool 22 (BadgerDAO)
FIP-28 forum post: https://tribe.fei.money/t/fip-28-feirari-tribe-updates/3515
FIP-29 forum post: https://tribe.fei.money/t/fip-29-oa-multisig-updates/3514
Code: https://github.com/fei-protocol/fei-protocol-core/pull/191
FIP-28/29 FeiRari TRIBE and Optimistic Approval
This proposal combines FIP-28 and FIP-29 related to Optimistic Approval and FeiRari TRIBE.
Specifically it:
* gives the OA timelock admin control of all FeiRari components and parameters
* gives OA timelock admin of TribalChief and revokes old timelock
* blocks TRIBE borrowing from the pool in anticipation of single-sided TRIBE staking rewards
* mints 50M FEI to the OA timelock for future lending deployments
* mints 1M FEI to seed Fuse pool 22 (BadgerDAO)
FIP-28 forum post: https://tribe.fei.money/t/fip-28-feirari-tribe-updates/3515
FIP-29 forum post: https://tribe.fei.money/t/fip-29-oa-multisig-updates/3514
Code: https://github.com/fei-protocol/fei-protocol-core/pull/191
setBuffer(uint256)setUsdPerFeiRate(uint256)setMintCap(uint256)setScale(uint256)setDiscount(uint256)setMintCap(uint256)setMintCap(uint256)FIP-26 + FIP-27 Bonding Curve Cap and Spread Updates
This proposal introduces a number of changes related to the FEI redemption spread and bonding curve parameters.
Tightening FEI redemption spread to 0.5%:
1. Set Bonding Curve Buffer to 0.5% (from 1%)
2. Set Reserve Stabilzier price to $0.995 (from $0.99)
Increasing Bonding Curve capacity:
1. Set DAI Mint Cap to 150M (from 50M)
2. Set DAI Scale to 100M (from 50M)
3. Set DAI Pre-Scale Discount to 0
4. Set DPI Mint Cap to 50M (from 10M)
5. Set RAI Mint Cap to 20M (from 10M)
This proposal would further tighten the FEI peg and allow for additional diverisification through increased bonding curve caps.
Forum Discussions:
https://tribe.fei.money/t/fip-26-raise-reserve-stabilizer-backstop-to-0-995/3508
and
https://tribe.fei.money/t/fip-27-revamp-fei-bonding-curves/3509
Code:
https://github.com/fei-protocol/fei-protocol-core/pull/183
FIP-26 + FIP-27 Bonding Curve Cap and Spread Updates
This proposal introduces a number of changes related to the FEI redemption spread and bonding curve parameters.
Tightening FEI redemption spread to 0.5%:
1. Set Bonding Curve Buffer to 0.5% (from 1%)
2. Set Reserve Stabilzier price to $0.995 (from $0.99)
Increasing Bonding Curve capacity:
1. Set DAI Mint Cap to 150M (from 50M)
2. Set DAI Scale to 100M (from 50M)
3. Set DAI Pre-Scale Discount to 0
4. Set DPI Mint Cap to 50M (from 10M)
5. Set RAI Mint Cap to 20M (from 10M)
This proposal would further tighten the FEI peg and allow for additional diverisification through increased bonding curve caps.
Forum Discussions:
https://tribe.fei.money/t/fip-26-raise-reserve-stabilizer-backstop-to-0-995/3508
and
https://tribe.fei.money/t/fip-27-revamp-fei-bonding-curves/3509
Code:
https://github.com/fei-protocol/fei-protocol-core/pull/183
mint(address,uint256)allocateTribe(address,uint256)changeAdmin(address)configureAssets(address[],uint256[])setDistributionEnd(uint256)add(uint120,address,address,(uint128,uint128)[])FIP-22: Deploy FEI liquidity and TRIBE incentives to Aave
This proposal combines:
* FIP-22 - add 4M TRIBE of incentives to Aave and mints 25M FEI to deposit
* FIP-25 - add G-UNI FEI-DAI LP to staking rewards
FIP-22:
Specifically, the 4M TRIBE will incentivize only variable rate borrowing at a constant rate over 6 months.
The final rewards epoch time is on March 23, 2022: 1647993600.
The aFEI token uses a custom rewards contract developed by the Fei Core team and approved by Aave.
It allows for rewards in a distinct token (TRIBE in this case), instead of stAAVE.
The 25M FEI deployment falls within the "Lending Deployments Framework" of FIP-13.
The proposal also updates the Proxy admin of the Aave TRIBE incentives controller.
This is required to allow the DAO to initiate the incentives. The new admin is the default ProxyAdmin also used for TribalChief.
This address is still controlled by the Fei DAO.
Forum discussion: https://tribe.fei.money/t/fip-22-aave-borrowing-incentives/3449
Code: https://github.com/fei-protocol/fei-protocol-core/pull/177
FIP-25:
Add G-UNI FEI-DAI LP to the TribalChief staking rewards at 100 AP.
Forum Discussion: https://tribe.fei.money/t/fip-25-a-case-for-directing-tribe-rewards-to-g-uni-pools/3459
Code: https://github.com/fei-protocol/fei-protocol-core/pull/184
FIP-22: Deploy FEI liquidity and TRIBE incentives to Aave
This proposal combines:
* FIP-22 - add 4M TRIBE of incentives to Aave and mints 25M FEI to deposit
* FIP-25 - add G-UNI FEI-DAI LP to staking rewards
FIP-22:
Specifically, the 4M TRIBE will incentivize only variable rate borrowing at a constant rate over 6 months.
The final rewards epoch time is on March 23, 2022: 1647993600.
The aFEI token uses a custom rewards contract developed by the Fei Core team and approved by Aave.
It allows for rewards in a distinct token (TRIBE in this case), instead of stAAVE.
The 25M FEI deployment falls within the "Lending Deployments Framework" of FIP-13.
The proposal also updates the Proxy admin of the Aave TRIBE incentives controller.
This is required to allow the DAO to initiate the incentives. The new admin is the default ProxyAdmin also used for TribalChief.
This address is still controlled by the Fei DAO.
Forum discussion: https://tribe.fei.money/t/fip-22-aave-borrowing-incentives/3449
Code: https://github.com/fei-protocol/fei-protocol-core/pull/177
FIP-25:
Add G-UNI FEI-DAI LP to the TribalChief staking rewards at 100 AP.
Forum Discussion: https://tribe.fei.money/t/fip-25-a-case-for-directing-tribe-rewards-to-g-uni-pools/3459
Code: https://github.com/fei-protocol/fei-protocol-core/pull/184
mint(address,uint256)withdraw(address,uint256)withdraw(address,uint256)FIP-24 Gas Refund for TribalChief Transition
FIP-24 Gas Refund for TribalChief Transition
This proposal will provide gas refunds in the form of FEI to eligible addresses and fund the OA multisig with ETH to carry out the token multisend transactions.
Eligibliity is defined as follows:
A user must have >$1 worth of FEI-TRIBE LP tokens staked between August 1, 2021 and September 3, 2021.
A user must have at least the same amount of FEI-TRIBE LP tokens staked in TribalChief on September 30 at 11:59PM PST.
To account for dust and other inefficiencies, users will still be eligible if they have at least 98% of the same number of FEI-TRIBE LP tokens staked.
Specifically, this proposal will:
1 - Mint 1 million FEI (the upper bound of possible eligible addresses) to the optimistic mulitisig (triblechief) timelock
2 - Withdraw 50 ETH from old ETH reserve stabilizer and send to OA multisig to pay for multisend gas fees and future operations
3 - Withdraw remaining eth in old reserve stabilizer and send to new reserve stabilizer
Forum Thread
https://tribe.fei.money/t/fip-24-gas-refund-for-tribal-chief-transition/3493
Snapshot Vote
https://snapshot.fei.money/#/fei.eth/proposal/QmUXci4SffdLERxfaAU4Qm2ksSv9UE4fQ7squVMQVZrLcv
FIP-24 Gas Refund for TribalChief Transition
FIP-24 Gas Refund for TribalChief Transition
This proposal will provide gas refunds in the form of FEI to eligible addresses and fund the OA multisig with ETH to carry out the token multisend transactions.
Eligibliity is defined as follows:
A user must have >$1 worth of FEI-TRIBE LP tokens staked between August 1, 2021 and September 3, 2021.
A user must have at least the same amount of FEI-TRIBE LP tokens staked in TribalChief on September 30 at 11:59PM PST.
To account for dust and other inefficiencies, users will still be eligible if they have at least 98% of the same number of FEI-TRIBE LP tokens staked.
Specifically, this proposal will:
1 - Mint 1 million FEI (the upper bound of possible eligible addresses) to the optimistic mulitisig (triblechief) timelock
2 - Withdraw 50 ETH from old ETH reserve stabilizer and send to OA multisig to pay for multisend gas fees and future operations
3 - Withdraw remaining eth in old reserve stabilizer and send to new reserve stabilizer
Forum Thread
https://tribe.fei.money/t/fip-24-gas-refund-for-tribal-chief-transition/3493
Snapshot Vote
https://snapshot.fei.money/#/fei.eth/proposal/QmUXci4SffdLERxfaAU4Qm2ksSv9UE4fQ7squVMQVZrLcv
FIP-24 Gas Refund for TribalChief Transition
FIP-24 Gas Refund for TribalChief Transition
This proposal will provide gas refunds in the form of FEI to eligible addresses and fund the OA multisig with ETH to carry out the token multisend transactions.
Eligibliity is defined as follows:
A user must have >$1 worth of FEI-TRIBE LP tokens staked between August 1, 2021 and September 3, 2021.
A user must have at least the same amount of FEI-TRIBE LP tokens staked in TribalChief on September 30 at 11:59PM PST.
To account for dust and other inefficiencies, users will still be eligible if they have at least 98% of the same number of FEI-TRIBE LP tokens staked.
Specifically, this proposal will:
1 - Mint 1 million FEI (the upper bound of possible eligible addresses) to the optimistic mulitisig (triblechief) timelock
2 - Withdraw 50 ETH from old ETH reserve stabilizer and send to OA multisig to pay for multisend gas fees and future operations
3 - Withdraw remaining eth in old reserve stabilizer and send to new reserve stabilizer
Forum Thread
https://tribe.fei.money/t/fip-24-gas-refund-for-tribal-chief-transition/3493
Snapshot Vote
https://snapshot.fei.money/#/fei.eth/proposal/QmUXci4SffdLERxfaAU4Qm2ksSv9UE4fQ7squVMQVZrLcv
FIP-24 Gas Refund for TribalChief Transition
FIP-24 Gas Refund for TribalChief Transition
This proposal will provide gas refunds in the form of FEI to eligible addresses and fund the OA multisig with ETH to carry out the token multisend transactions.
Eligibliity is defined as follows:
A user must have >$1 worth of FEI-TRIBE LP tokens staked between August 1, 2021 and September 3, 2021.
A user must have at least the same amount of FEI-TRIBE LP tokens staked in TribalChief on September 30 at 11:59PM PST.
To account for dust and other inefficiencies, users will still be eligible if they have at least 98% of the same number of FEI-TRIBE LP tokens staked.
Specifically, this proposal will:
1 - Mint 1 million FEI (the upper bound of possible eligible addresses) to the optimistic mulitisig (triblechief) timelock
2 - Withdraw 50 ETH from old ETH reserve stabilizer and send to OA multisig to pay for multisend gas fees and future operations
3 - Withdraw remaining eth in old reserve stabilizer and send to new reserve stabilizer
Forum Thread
https://tribe.fei.money/t/fip-24-gas-refund-for-tribal-chief-transition/3493
Snapshot Vote
https://snapshot.fei.money/#/fei.eth/proposal/QmUXci4SffdLERxfaAU4Qm2ksSv9UE4fQ7squVMQVZrLcv
governorWithdrawTribe(uint256)allocateTribe(address,uint256)allocateTribe(address,uint256)add(uint120,address,address,(uint128,uint128)[])add(uint120,address,address,(uint128,uint128)[])createRole(bytes32,bytes32)grantRole(bytes32,address)allocateTribe(address,uint256)revokeMinter(address)FIP-15: TribalChief
This proposal would upgrade Fei’s staking infrastructure to the TribalChief. The TribalChief allows TRIBE emissions to be split among a configurable set of staking reward tokens in different proportions. It also allows for reward multiplier boosts for locking the stake to be added on a per-pool basis.
It will start the emissions at 75 TRIBE per block, roughly equal to the current emissions with the intention of following the 2 year decreasing schedule with regular emission rate decreases.
The pool will start with two incentivized pools at equal (1000 AP) proportions:
* FEI-TRIBE Uniswap V2 LP
* FEI-3Crv Curve Factory Metapool LP
The proposal also introduces Optimistic Approval, which is a multisig gated by a Timelock that can be vetoed by the DAO or the Guardian. All TribalChief actions can be taken by Optimistic Approval other than increasing emissions and withdrawing TRIBE. These actions can only be performed by the DAO.
As soon as Rari Capital adds native staking rewards to Fuse, an additional reward stream (1000AP) will be sent there via Optimistic Approval.
Specifically this proposal:
* Withdraws all TRIBE from the old RewardDripper and revokes minting from it
* Allocates all TRIBE minus 6m (Saddle rewards + first drip) to a new TRIBE dripper
* Sends first TRIBE drip to TribalChief
* Adds the two reward pools
* Creates a new admin role and grant to the Optimistic Timelock
* Sends 7000 TRIBE to the Optimistic Multisig
TribalChief Snapshot: https://snapshot.fei.money/#/fei.eth/proposal/Qmc5tJ9Hg1V8mnNB56AptxHAnpmHX1KefJ1Uw9TcSgfoKF
TribalChief Forum Discussion:
https://tribe.fei.money/t/tribalchief-staking-rewards-upgrade/3350
Optimistic Approval Snapshot:
https://snapshot.fei.money/#/fei.eth/proposal/QmbqR88Ta6rM2QmmHj75UZSVZhTSawGf5JbgJGuuJQNDeZ
Optimistic Approval Forum Discussion:
https://tribe.fei.money/t/fip-21-optimistic-approval/3429
Proposal Code:
https://github.com/fei-protocol/fei-protocol-core/pull/145
allocateTribe(address,uint256)FIP-15: TribalChief
This proposal would upgrade Fei’s staking infrastructure to the TribalChief. The TribalChief allows TRIBE emissions to be split among a configurable set of staking reward tokens in different proportions. It also allows for reward multiplier boosts for locking the stake to be added on a per-pool basis.
It will start the emissions at 75 TRIBE per block, roughly equal to the current emissions with the intention of following the 2 year decreasing schedule with regular emission rate decreases.
The pool will start with two incentivized pools at equal (1000 AP) proportions:
* FEI-TRIBE Uniswap V2 LP
* FEI-3Crv Curve Factory Metapool LP
The proposal also introduces Optimistic Approval, which is a multisig gated by a Timelock that can be vetoed by the DAO or the Guardian. All TribalChief actions can be taken by Optimistic Approval other than increasing emissions and withdrawing TRIBE. These actions can only be performed by the DAO.
As soon as Rari Capital adds native staking rewards to Fuse, an additional reward stream (1000AP) will be sent there via Optimistic Approval.
Specifically this proposal:
* Withdraws all TRIBE from the old RewardDripper and revokes minting from it
* Allocates all TRIBE minus 6m (Saddle rewards + first drip) to a new TRIBE dripper
* Sends first TRIBE drip to TribalChief
* Adds the two reward pools
* Creates a new admin role and grant to the Optimistic Timelock
* Sends 7000 TRIBE to the Optimistic Multisig
TribalChief Snapshot: https://snapshot.fei.money/#/fei.eth/proposal/Qmc5tJ9Hg1V8mnNB56AptxHAnpmHX1KefJ1Uw9TcSgfoKF
TribalChief Forum Discussion:
https://tribe.fei.money/t/tribalchief-staking-rewards-upgrade/3350
Optimistic Approval Snapshot:
https://snapshot.fei.money/#/fei.eth/proposal/QmbqR88Ta6rM2QmmHj75UZSVZhTSawGf5JbgJGuuJQNDeZ
Optimistic Approval Forum Discussion:
https://tribe.fei.money/t/fip-21-optimistic-approval/3429
Proposal Code:
https://github.com/fei-protocol/fei-protocol-core/pull/145
grantBurner(address)grantPCVController(address)grantPCVController(address)revokeBurner(address)withdraw(address,uint256)withdrawETH(address,uint256)withdrawETH(address,uint256)withdrawETH(address,uint256)setAllocation(address[],uint256[])FIP-20 Allocate Dripper ETH & FIP-23
This proposal covers two changes:
1. Productively allocating the >160k ETH in the EthPCVDripper into Aave, Compound, and stETH
2. Raising the ETH reserve stabilizer floor price to $0.99
The ETH currently sitting in the dripper is unproductive both because it is idle and because the $0.95 stabilizer floor is too low to be useful. This proposal addresses both of those concerns.
It utilizes some new functionality to drip directly from productive deployments of PCV back into the stabilizer as needed. In this case both the Compound and Aave deposits can each be drawn from, once every 2 hours for 5000 ETH if the stabilizer is low.
Summarized proposal steps:
- Replace old EthReserveStabilizer with new one at $0.99 (and updating Burner role)
- Add PCV Controller to two PCVDripControllers, one for Aave and one for Compound
- Withdraw 6000 ETH from old ReserveStabilizer to new one
- Withdraw 75k ETH from dripper for each of the Aave and Compound PCV Deposits
- Withdraw 14,135 ETH from dripper to stETH PCV Deposit
- Pause old reserve stabilizer
Forum discussions: https://tribe.fei.money/t/fip-20-lido-staked-eth-steth-part-2/3454 and https://tribe.fei.money/t/proposal-raise-reserve-stabilizer-backstop-to-0-99/3462
Snapshot: https://snapshot.fei.money/#/fei.eth/proposal/QmNXBguKbUD3ZViL8HxUfdxWmtSijcddEz1TWhR4qg6hvo and https://snapshot.fei.money/#/fei.eth/proposal/QmXXdcWSo18xz3Ea23YuVGM94CNdPkECEh8U17D8CoV36z
Code: https://github.com/fei-protocol/fei-protocol-core/pull/141
FIP-20 Allocate Dripper ETH & FIP-23
This proposal covers two changes:
1. Productively allocating the >160k ETH in the EthPCVDripper into Aave, Compound, and stETH
2. Raising the ETH reserve stabilizer floor price to $0.99
The ETH currently sitting in the dripper is unproductive both because it is idle and because the $0.95 stabilizer floor is too low to be useful. This proposal addresses both of those concerns.
It utilizes some new functionality to drip directly from productive deployments of PCV back into the stabilizer as needed. In this case both the Compound and Aave deposits can each be drawn from, once every 2 hours for 5000 ETH if the stabilizer is low.
Summarized proposal steps:
- Replace old EthReserveStabilizer with new one at $0.99 (and updating Burner role)
- Add PCV Controller to two PCVDripControllers, one for Aave and one for Compound
- Withdraw 6000 ETH from old ReserveStabilizer to new one
- Withdraw 75k ETH from dripper for each of the Aave and Compound PCV Deposits
- Withdraw 14,135 ETH from dripper to stETH PCV Deposit
- Pause old reserve stabilizer
Forum discussions: https://tribe.fei.money/t/fip-20-lido-staked-eth-steth-part-2/3454 and https://tribe.fei.money/t/proposal-raise-reserve-stabilizer-backstop-to-0-99/3462
Snapshot: https://snapshot.fei.money/#/fei.eth/proposal/QmNXBguKbUD3ZViL8HxUfdxWmtSijcddEz1TWhR4qg6hvo and https://snapshot.fei.money/#/fei.eth/proposal/QmXXdcWSo18xz3Ea23YuVGM94CNdPkECEh8U17D8CoV36z
Code: https://github.com/fei-protocol/fei-protocol-core/pull/141
grantBurner(address)grantPCVController(address)revokeBurner(address)withdraw(address,uint256)withdrawETH(address,uint256)withdrawETH(address,uint256)withdrawETH(address,uint256)grantPCVController(address)setAllocation(address[],uint256[])FIP-20 Allocate Dripper ETH & FIP-23
This proposal covers two changes:
1. Productively allocating the >160k ETH in the EthPCVDripper into Aave, Compound, and stETH
2. Raising the ETH reserve stabilizer floor price to $0.99
The ETH currently sitting in the dripper is unproductive both because it is idle and because the $0.95 stabilizer floor is too low to be useful. This proposal addresses both of those concerns.
It utilizes some new functionality to drip directly from productive deployments of PCV back into the stabilizer as needed. In this case both the Compound and Aave deposits can each be drawn from, once every 2 hours for 5000 ETH if the stabilizer is low.
Summarized proposal steps:
- Replace old EthReserveStabilizer with new one at $0.99 (and updating Burner role)
- Add PCV Controller to two PCVDripControllers, one for Aave and one for Compound
- Withdraw 6000 ETH from old ReserveStabilizer to new one
- Withdraw 75k ETH from dripper for each of the Aave and Compound PCV Deposits
- Withdraw 14,135 ETH from dripper to stETH PCV Deposit
- Pause old reserve stabilizer
Forum discussions: https://tribe.fei.money/t/fip-20-lido-staked-eth-steth-part-2/3454 and https://tribe.fei.money/t/proposal-raise-reserve-stabilizer-backstop-to-0-99/3462
Snapshot: https://snapshot.fei.money/#/fei.eth/proposal/QmNXBguKbUD3ZViL8HxUfdxWmtSijcddEz1TWhR4qg6hvo and https://snapshot.fei.money/#/fei.eth/proposal/QmXXdcWSo18xz3Ea23YuVGM94CNdPkECEh8U17D8CoV36z
Code: https://github.com/fei-protocol/fei-protocol-core/pull/141
FIP-20 Allocate Dripper ETH & FIP-23
This proposal covers two changes:
1. Productively allocating the >160k ETH in the EthPCVDripper into Aave, Compound, and stETH
2. Raising the ETH reserve stabilizer floor price to $0.99
The ETH currently sitting in the dripper is unproductive both because it is idle and because the $0.95 stabilizer floor is too low to be useful. This proposal addresses both of those concerns.
It utilizes some new functionality to drip directly from productive deployments of PCV back into the stabilizer as needed. In this case both the Compound and Aave deposits can each be drawn from, once every 2 hours for 5000 ETH if the stabilizer is low.
Summarized proposal steps:
- Replace old EthReserveStabilizer with new one at $0.99 (and updating Burner role)
- Add PCV Controller to two PCVDripControllers, one for Aave and one for Compound
- Withdraw 6000 ETH from old ReserveStabilizer to new one
- Withdraw 75k ETH from dripper for each of the Aave and Compound PCV Deposits
- Withdraw 14,135 ETH from dripper to stETH PCV Deposit
- Pause old reserve stabilizer
Forum discussions: https://tribe.fei.money/t/fip-20-lido-staked-eth-steth-part-2/3454 and https://tribe.fei.money/t/proposal-raise-reserve-stabilizer-backstop-to-0-99/3462
Snapshot: https://snapshot.fei.money/#/fei.eth/proposal/QmNXBguKbUD3ZViL8HxUfdxWmtSijcddEz1TWhR4qg6hvo and https://snapshot.fei.money/#/fei.eth/proposal/QmXXdcWSo18xz3Ea23YuVGM94CNdPkECEh8U17D8CoV36z
Code: https://github.com/fei-protocol/fei-protocol-core/pull/141
grantMinter(address)setMintCap(uint256)FIP-19: RAI Bonding Curve
Open a RAI bonding curve with 6 million FEI subsidized. This would mean the PCV acquiring about 2 million RAI (0.8% of the PCV). The RAI would be allocated to the Rari Capital Fuse pool 9 and/or Aave.
Use the ERC20 bonding curve with 6m FEI scale, 10m FEI mint cap, a pre-scale discount of 0.3% and premium post-scale of 2%. Allocate 50% of the RAI to Aave and 50% to the Fuse pool 9.
Forum thread: https://tribe.fei.money/t/fip-19-subsidized-rai-bonding-curve/3442
Snapshot vote: https://snapshot.org/#/fei.eth/proposal/QmYB3a41Ytic5nXWVwWrRy4pE2kKSwVxA8SC7bjoT8jaUD
FIP-19: RAI Bonding Curve
Open a RAI bonding curve with 6 million FEI subsidized. This would mean the PCV acquiring about 2 million RAI (0.8% of the PCV). The RAI would be allocated to the Rari Capital Fuse pool 9 and/or Aave.
Use the ERC20 bonding curve with 6m FEI scale, 10m FEI mint cap, a pre-scale discount of 0.3% and premium post-scale of 2%. Allocate 50% of the RAI to Aave and 50% to the Fuse pool 9.
Forum thread: https://tribe.fei.money/t/fip-19-subsidized-rai-bonding-curve/3442
Snapshot vote: https://snapshot.org/#/fei.eth/proposal/QmYB3a41Ytic5nXWVwWrRy4pE2kKSwVxA8SC7bjoT8jaUD
mint(address,uint256)transfer(address,uint256)transfer(address,uint256)transfer(address,uint256)transfer(address,uint256)FIP-13b: FEI Lending Deployments
This is the second deployment of the "Light Lending Deployment Framework," which describes ranges of liquidity provision for various interest rate markets that FEI could deploy into. If this proposal passes, Fei Protocol would be seeding these markets with initial FEI borrowable liquidity.
Deploying FEI in this way has several advantages:
* Earn yield for Fei Protocol
* Bootstrap FEI interest rate markets
* Partner with other great projects
The pools and amounts to seed are listed out below:
Fuse Pool 9 (Reflexer and Frax) - 1M
Fuse Pool 25 (BarnBridge) - 1M
Fuse Pool 26 (Tokemak) - 1M
Fuse Pool 27 (StakeDAO) - 1M
The amounts provided are determined within the ranges of the Light Lending Deployment Framework.
Forum Discussion: https://tribe.fei.money/t/fip-13-a-framework-for-fei-lending-deployments/3405
Proposal code: https://github.com/fei-protocol/fei-protocol-core/pull/130
Snapshot vote: https://snapshot.fei.money/#/fei.eth/proposal/QmeVZ5kVbRiiRujnfDXE56zK64AKD35nYns51CvqyRYt8o
FIP-13b: FEI Lending Deployments
This is the second deployment of the "Light Lending Deployment Framework," which describes ranges of liquidity provision for various interest rate markets that FEI could deploy into. If this proposal passes, Fei Protocol would be seeding these markets with initial FEI borrowable liquidity.
Deploying FEI in this way has several advantages:
* Earn yield for Fei Protocol
* Bootstrap FEI interest rate markets
* Partner with other great projects
The pools and amounts to seed are listed out below:
Fuse Pool 9 (Reflexer and Frax) - 1M
Fuse Pool 25 (BarnBridge) - 1M
Fuse Pool 26 (Tokemak) - 1M
Fuse Pool 27 (StakeDAO) - 1M
The amounts provided are determined within the ranges of the Light Lending Deployment Framework.
Forum Discussion: https://tribe.fei.money/t/fip-13-a-framework-for-fei-lending-deployments/3405
Proposal code: https://github.com/fei-protocol/fei-protocol-core/pull/130
Snapshot vote: https://snapshot.fei.money/#/fei.eth/proposal/QmeVZ5kVbRiiRujnfDXE56zK64AKD35nYns51CvqyRYt8o
grantMinter(address)FIP-10a: DAI Bonding Curve
FIP-10a
The following is a proposal to open a bonding curve for DAI, with a target scale and cap of 50M FEI, at a discount of 0.3%. This would add ~49.85M DAI to the PCV, and release up to 50M FEI into circulation.
Possible intended future deployment (pending current & future code development and a vote) for this DAI are :
- Providing liquidity in the Curve FEI metapool
- Providing liquidity on Uniswap v3 against DAI
- Deploying DAI to Aave, the FeiRari, or leaving it in Compound
These deployments will have to be approved in a separate proposal, once we have acquired DAI in the PCV. This proposal is a prerequisite to any PCV action involving DAI. Waiting for the next vote(s), the DAI acquired will be temporarily deposited on Compound, yielding around ~3k DAI per day, plus ~1.5k$ of COMP per day at current rates.
Bonding curve parameters :
- Scale: 50M FEI
- MintCap: 50M FEI
- Pre-scale discount: 0.3%
- Post-scale premium: 1%
- Oracle: Chainlink DAI-USD (2% deviation threshold)
- Keeper incentive amount: 100 FEI
- Keeper incentive frequency: 604800s (1 week)
- All of the DAI PCV raised will be deposited on Compound
Snapshot : https://snapshot.org/#/fei.eth/proposal/QmTj5cnKb4guMdjQSNpXqu5VDti5RecRfr2LvyMUhjokyp
Forum : https://tribe.fei.money/t/fip-10-curve-integration/3342/26
Pull request : https://github.com/fei-protocol/fei-protocol-core/pull/131
FIP-10a: DAI Bonding Curve
FIP-10a
The following is a proposal to open a bonding curve for DAI, with a target scale and cap of 50M FEI, at a discount of 0.3%. This would add ~49.85M DAI to the PCV, and release up to 50M FEI into circulation.
Possible intended future deployment (pending current & future code development and a vote) for this DAI are :
- Providing liquidity in the Curve FEI metapool
- Providing liquidity on Uniswap v3 against DAI
- Deploying DAI to Aave, the FeiRari, or leaving it in Compound
These deployments will have to be approved in a separate proposal, once we have acquired DAI in the PCV. This proposal is a prerequisite to any PCV action involving DAI. Waiting for the next vote(s), the DAI acquired will be temporarily deposited on Compound, yielding around ~3k DAI per day, plus ~1.5k$ of COMP per day at current rates.
Bonding curve parameters :
- Scale: 50M FEI
- MintCap: 50M FEI
- Pre-scale discount: 0.3%
- Post-scale premium: 1%
- Oracle: Chainlink DAI-USD (2% deviation threshold)
- Keeper incentive amount: 100 FEI
- Keeper incentive frequency: 604800s (1 week)
- All of the DAI PCV raised will be deposited on Compound
Snapshot : https://snapshot.org/#/fei.eth/proposal/QmTj5cnKb4guMdjQSNpXqu5VDti5RecRfr2LvyMUhjokyp
Forum : https://tribe.fei.money/t/fip-10-curve-integration/3342/26
Pull request : https://github.com/fei-protocol/fei-protocol-core/pull/131
withdrawETH(address,uint256)withdrawETH(address,uint256)withdrawERC20(address,address,uint256)mint(address,uint256)allocateTribe(address,uint256)transfer(address,uint256)FIP-14b: INDEX OTC
This proposal would swap:
- 633.15 ETH from the dripper
- 991512.9 FEI minted
- 1235325.922 TRIBE from the DAO Treasury
For 100,000 INDEX via an OTCEscrow contract with DeFiPulse. There are no lockups on either side.
These INDEX tokens will be intended to be used for metagovernance via DPI and other Index Coop sets. This can help integrate FEI and TRIBE throughout DeFi as well as strengthen the existing partnership with Index Coop.
Snapshot requires an EOA with a private key to participate in votes, so the proposal includes a delegation to Matthew Graham who has been an active member of the Fei community and Index Coop.
Forum Discussion: https://tribe.fei.money/t/proposal-buying-defi-pulse-index-dpi/3348
Pull Request: https://github.com/fei-protocol/fei-protocol-core/pull/124
Snapshot: https://snapshot.org/#/fei.eth/proposal/QmPusyESur6P4TuN7ChMBV26HpZyc8waLqx4LcMTKxh64T
FIP-14b: INDEX OTC
This proposal would swap:
- 633.15 ETH from the dripper
- 991512.9 FEI minted
- 1235325.922 TRIBE from the DAO Treasury
For 100,000 INDEX via an OTCEscrow contract with DeFiPulse. There are no lockups on either side.
These INDEX tokens will be intended to be used for metagovernance via DPI and other Index Coop sets. This can help integrate FEI and TRIBE throughout DeFi as well as strengthen the existing partnership with Index Coop.
Snapshot requires an EOA with a private key to participate in votes, so the proposal includes a delegation to Matthew Graham who has been an active member of the Fei community and Index Coop.
Forum Discussion: https://tribe.fei.money/t/proposal-buying-defi-pulse-index-dpi/3348
Pull Request: https://github.com/fei-protocol/fei-protocol-core/pull/124
Snapshot: https://snapshot.org/#/fei.eth/proposal/QmPusyESur6P4TuN7ChMBV26HpZyc8waLqx4LcMTKxh64T
grantMinter(address)grantMinter(address)FIP-14: Add DPI Bonding Curve
This proposal opens up a bonding curve allowing the purchase of FEI with DPI. New bonding curves offer FEI at a discount relative to the oracle price before the scale target is reached. Beyond scale, there is a premium associated with purchasing, with an additional minting cap.
This proposal has the following parameters:
- Scale: 10M FEI
- MintCap: 10M FEI
- Pre-scale discount: 1%
- Post-scale premium: 2%
- Oracle: Chainlink DPI-USD (2% deviation threshold)
- Keeper incentive amount: 100 FEI
- Keeper incentive frequency: 604800s (1 week)
The DPI PCV raised will be split 90% between a SushiSwap DPI-FEI pool and 10% to the Index Coop Fuse Pool.
Forum Discussion:
https://tribe.fei.money/t/proposal-buying-defi-pulse-index-dpi/3348
This proposal has the following parameters:
- Scale: 10M FEI
- MintCap: 10M FEI
- Pre-scale discount: 1%
- Post-scale premium: 2%
- Oracle: Chainlink DPI-USD (2% deviation threshold)
- Keeper incentive amount: 100 FEI
- Keeper incentive frequency: 604800s (1 week)
The DPI PCV raised will be split 90% between a SushiSwap DPI-FEI pool and 10% to the Index Coop Fuse Pool.
Forum Discussion:
https://tribe.fei.money/t/proposal-buying-defi-pulse-index-dpi/3348
FIP-14: Add DPI Bonding Curve
This proposal opens up a bonding curve allowing the purchase of FEI with DPI. New bonding curves offer FEI at a discount relative to the oracle price before the scale target is reached. Beyond scale, there is a premium associated with purchasing, with an additional minting cap.
This proposal has the following parameters:
- Scale: 10M FEI
- MintCap: 10M FEI
- Pre-scale discount: 1%
- Post-scale premium: 2%
- Oracle: Chainlink DPI-USD (2% deviation threshold)
- Keeper incentive amount: 100 FEI
- Keeper incentive frequency: 604800s (1 week)
The DPI PCV raised will be split 90% between a SushiSwap DPI-FEI pool and 10% to the Index Coop Fuse Pool.
Forum Discussion:
https://tribe.fei.money/t/proposal-buying-defi-pulse-index-dpi/3348
This proposal has the following parameters:
- Scale: 10M FEI
- MintCap: 10M FEI
- Pre-scale discount: 1%
- Post-scale premium: 2%
- Oracle: Chainlink DPI-USD (2% deviation threshold)
- Keeper incentive amount: 100 FEI
- Keeper incentive frequency: 604800s (1 week)
The DPI PCV raised will be split 90% between a SushiSwap DPI-FEI pool and 10% to the Index Coop Fuse Pool.
Forum Discussion:
https://tribe.fei.money/t/proposal-buying-defi-pulse-index-dpi/3348
mint(address,uint256)approve(address,uint256)transfer(address,address,address[],uint256[])approve(address,uint256)setMasterContractApproval(address,address,bool,uint8,bytes32,bytes32)cook(uint8[],uint256[],bytes[])cook(uint8[],uint256[],bytes[])cook(uint8[],uint256[],bytes[])cook(uint8[],uint256[],bytes[])transfer(address,uint256)FIP-13a: FEI Lending Deployments
This is the first deployment of the "Light Lending Deployment Framework," which describes ranges of liquidity provision for various interest rate markets that FEI could deploy into. If this proposal passes, Fei Protocol would be seeding these markets with initial FEI borrowable liquidity.
Deploying FEI in this way has several advantages:
1. Earn yield for Fei Protocol
2. Bootstrap FEI interest rate markets
3. Partner with other great projects
This proposal is similar to the FEI deployment portion of FIP-5 intended to seed the initial FeiRari Fuse pool, but spans multiple pools across Fuse, CREAM, and Kashi.
The pools and amounts to seed are listed out below:
- C.R.E.A.M - 5M
- Kashi FEI (asset) / TRIBE (collateral) - 2.5M
- Kashi FEI (asset) / ETH (collateral) - 2.5M
- Kashi FEI (asset) / xSushi (collateral) - 2.5M
- Kashi FEI (asset) / DPI (collateral) - 1M
- Fuse Pool 6 (Tetranode’s Locker) - 1M
- Fuse Pool 7 (CLG + Tetranode UpOnly) - 1M
- Fuse Pool 3,3 (Olympus Pool Party) - 1.333M
- Fuse Pool 19 (Index Coop) - 1M
- Fuse Pool 24 (Harvest Finance) - 1M
The amounts provided are determined within the ranges of the Light Lending Deployment Framework.
Forum Discussion: https://tribe.fei.money/t/fip-13-a-framework-for-fei-lending-deployments/3405
Proposal code: https://github.com/fei-protocol/fei-protocol-core/pull/117
Snapshot vote: https://snapshot.fei.money/#/fei.eth/proposal/QmeVZ5kVbRiiRujnfDXE56zK64AKD35nYns51CvqyRYt8o
mint(address,uint256)approve(address,uint256)FIP-13a: FEI Lending Deployments
This is the first deployment of the "Light Lending Deployment Framework," which describes ranges of liquidity provision for various interest rate markets that FEI could deploy into. If this proposal passes, Fei Protocol would be seeding these markets with initial FEI borrowable liquidity.
Deploying FEI in this way has several advantages:
1. Earn yield for Fei Protocol
2. Bootstrap FEI interest rate markets
3. Partner with other great projects
This proposal is similar to the FEI deployment portion of FIP-5 intended to seed the initial FeiRari Fuse pool, but spans multiple pools across Fuse, CREAM, and Kashi.
The pools and amounts to seed are listed out below:
- C.R.E.A.M - 5M
- Kashi FEI (asset) / TRIBE (collateral) - 2.5M
- Kashi FEI (asset) / ETH (collateral) - 2.5M
- Kashi FEI (asset) / xSushi (collateral) - 2.5M
- Kashi FEI (asset) / DPI (collateral) - 1M
- Fuse Pool 6 (Tetranode’s Locker) - 1M
- Fuse Pool 7 (CLG + Tetranode UpOnly) - 1M
- Fuse Pool 3,3 (Olympus Pool Party) - 1.333M
- Fuse Pool 19 (Index Coop) - 1M
- Fuse Pool 24 (Harvest Finance) - 1M
The amounts provided are determined within the ranges of the Light Lending Deployment Framework.
Forum Discussion: https://tribe.fei.money/t/fip-13-a-framework-for-fei-lending-deployments/3405
Proposal code: https://github.com/fei-protocol/fei-protocol-core/pull/117
Snapshot vote: https://snapshot.fei.money/#/fei.eth/proposal/QmeVZ5kVbRiiRujnfDXE56zK64AKD35nYns51CvqyRYt8o
_setCloseFactor(uint256)_setLiquidationIncentive(uint256)_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)_setCollateralFactor(address,uint256)_setInterestRateModel(address)_setInterestRateModel(address)_setInterestRateModel(address)_setInterestRateModel(address)FIP-11: Re-Parametrize Rari 8 Pool
This proposal would have FEI DAO alter the existing parameters of the FeiRari Fuse Pool. The goal is to tweak the parameters to attract borrowers.
The FeiRari pool’s existing parameters are relatively conservative and not friendly enough to be competitive in terms of borrowing. We have analyzed the various parameters and come to the conclusion that to make the pool more efficient, we must propose some changes.
The plan is to make them more aggressive in order to attract borrowers, as the DAO can supply FEI to bootstrap the market. We will also take advantage of this opportunity to tune the parameters of the other three assets in the pool. We have seen the performance of the pool over two weeks and now we are ready to update the parameters to drive higher volume to it. The DAO has already supplied 10M FEI upon taking over the pool and it is possible it supplies even more FEI in the future. This makes this parameter tuning exercise more focused on attracting FEI borrowers.
Snapshot Vote: https://snapshot.fei.money/#/fei.eth/proposal/QmdYwG49xzEFYRQu38yDaSrRtwuT6rPPGcnaAnCQYiHjGY
FIP-11: Re-Parametrize Rari 8 Pool
This proposal would have FEI DAO alter the existing parameters of the FeiRari Fuse Pool. The goal is to tweak the parameters to attract borrowers.
The FeiRari pool’s existing parameters are relatively conservative and not friendly enough to be competitive in terms of borrowing. We have analyzed the various parameters and come to the conclusion that to make the pool more efficient, we must propose some changes.
The plan is to make them more aggressive in order to attract borrowers, as the DAO can supply FEI to bootstrap the market. We will also take advantage of this opportunity to tune the parameters of the other three assets in the pool. We have seen the performance of the pool over two weeks and now we are ready to update the parameters to drive higher volume to it. The DAO has already supplied 10M FEI upon taking over the pool and it is possible it supplies even more FEI in the future. This makes this parameter tuning exercise more focused on attracting FEI borrowers.
Snapshot Vote: https://snapshot.fei.money/#/fei.eth/proposal/QmdYwG49xzEFYRQu38yDaSrRtwuT6rPPGcnaAnCQYiHjGY
FIP-11: Re-Parametrize Rari 8 Pool
This proposal would have FEI DAO alter the existing parameters of the FeiRari Fuse Pool. The goal is to tweak the parameters to attract borrowers.
The FeiRari pool’s existing parameters are relatively conservative and not friendly enough to be competitive in terms of borrowing. We have analyzed the various parameters and come to the conclusion that to make the pool more efficient, we must propose some changes.
The plan is to make them more aggressive in order to attract borrowers, as the DAO can supply FEI to bootstrap the market. We will also take advantage of this opportunity to tune the parameters of the other three assets in the pool. We have seen the performance of the pool over two weeks and now we are ready to update the parameters to drive higher volume to it. The DAO has already supplied 10M FEI upon taking over the pool and it is possible it supplies even more FEI in the future. This makes this parameter tuning exercise more focused on attracting FEI borrowers.
Snapshot Vote: https://snapshot.fei.money/#/fei.eth/proposal/QmdYwG49xzEFYRQu38yDaSrRtwuT6rPPGcnaAnCQYiHjGY
allocateTribe(address,uint256)FIP-12 Incentivize Saddle D4
This proposal allocates 2M TRIBE from the DAO Treasury for rewards to liquidity providers of the Saddle d4 pool. This is lower than the originally approved 5M TRIBE from snapshot, so that all 4 projects can match at the same approximate value.
The specific staking rewards contract to be used was developed by Frax Finance, and will allow stakers to earn all 4 governance tokens (TRIBE, FXS, ALCX, LQTY) simultaneously.
Benefits to the Tribe:
- Additional liquidity for FEI
- Peg support through StableSwap AMM
- Alignment with other decentralized stablecoins
- Reducing industry dependence on centralized stablecoins by providing liquidity between viable alternative stables
Forum discussion: https://tribe.fei.money/t/saddle-d4-tribe-rewards/3351
FIP-12 Incentivize Saddle D4
This proposal allocates 2M TRIBE from the DAO Treasury for rewards to liquidity providers of the Saddle d4 pool. This is lower than the originally approved 5M TRIBE from snapshot, so that all 4 projects can match at the same approximate value.
The specific staking rewards contract to be used was developed by Frax Finance, and will allow stakers to earn all 4 governance tokens (TRIBE, FXS, ALCX, LQTY) simultaneously.
Benefits to the Tribe:
- Additional liquidity for FEI
- Peg support through StableSwap AMM
- Alignment with other decentralized stablecoins
- Reducing industry dependence on centralized stablecoins by providing liquidity between viable alternative stables
Forum discussion: https://tribe.fei.money/t/saddle-d4-tribe-rewards/3351
withdrawETH(address,uint256)setIncentiveContract(address,address)FIP-9: Staking ETH on Lido
The following is a proposal to invest 10,000 ETH from PCV into stETH (represents ~4% of PCV).
Lido allows users to stake ETH on the Ethereum beacon chain to earn daily rewards. The stETH is a token that represents staked ether using Lido and is pegged 1:1 to the ETH. Its value is the result of initial deposit plus staking rewards less penalties. The daily staking rewards are paid in stETH.
The main purpose of this initial investment into stETH is earning yield to grow PCV, which can help FEI Protocol to protect the peg and drive FEI utility and adoption.
Deploying a portion of PCV in a yield-bearing asset like stETH will provide PCV with another source of value appreciation, while remaining long in ETH and will strengthen our positioning in the stable coin business.
Liquid staking protocols, such as Lido, allow users to earn staking rewards without locking assets or maintaining staking infrastructure. Users of these protocols can deposit tokens and receive tradable liquid tokens in return. With Lido, users receive rewards (subject to penalties, if any happen) in the form of increased/decreased stETH balance in their wallets.
ETH2 staking rewards are appealing as the yields are interesting and reasonably predictable. From the available options for Fei Protocol to participate in ETH 2.0 staking, stETH has the following benefits: liquidity, low technical requirements for implementation, competitive fee structure, community governance, and increasingly, proven stability.
Lido has established itself as the third largest ETH depositor to the Beacon chain, only behind the centralized exchanges, Kraken and Binance.
The current APR after Lido’s fees in stETH is 5.9%, with ETH2 validator rewards currently sitting at 6.4%.
Our scenario and risk analysis of stETH are available in the forum post: https://tribe.fei.money/t/fip-9-staking-eth/3331
This proposal also includes a step to unset the UniswapIncentive from FIP-4: https://snapshot.org/#/fei.eth/proposal/QmUd1TANgAhFieEjNkVP7uNdXWLNE16UQWrjiji1b3s2qr
FIP-9: Staking ETH on Lido
The following is a proposal to invest 10,000 ETH from PCV into stETH (represents ~4% of PCV).
Lido allows users to stake ETH on the Ethereum beacon chain to earn daily rewards. The stETH is a token that represents staked ether using Lido and is pegged 1:1 to the ETH. Its value is the result of initial deposit plus staking rewards less penalties. The daily staking rewards are paid in stETH.
The main purpose of this initial investment into stETH is earning yield to grow PCV, which can help FEI Protocol to protect the peg and drive FEI utility and adoption.
Deploying a portion of PCV in a yield-bearing asset like stETH will provide PCV with another source of value appreciation, while remaining long in ETH and will strengthen our positioning in the stable coin business.
Liquid staking protocols, such as Lido, allow users to earn staking rewards without locking assets or maintaining staking infrastructure. Users of these protocols can deposit tokens and receive tradable liquid tokens in return. With Lido, users receive rewards (subject to penalties, if any happen) in the form of increased/decreased stETH balance in their wallets.
ETH2 staking rewards are appealing as the yields are interesting and reasonably predictable. From the available options for Fei Protocol to participate in ETH 2.0 staking, stETH has the following benefits: liquidity, low technical requirements for implementation, competitive fee structure, community governance, and increasingly, proven stability.
Lido has established itself as the third largest ETH depositor to the Beacon chain, only behind the centralized exchanges, Kraken and Binance.
The current APR after Lido’s fees in stETH is 5.9%, with ETH2 validator rewards currently sitting at 6.4%.
Our scenario and risk analysis of stETH are available in the forum post: https://tribe.fei.money/t/fip-9-staking-eth/3331
This proposal also includes a step to unset the UniswapIncentive from FIP-4: https://snapshot.org/#/fei.eth/proposal/QmUd1TANgAhFieEjNkVP7uNdXWLNE16UQWrjiji1b3s2qr
setOracle(address)setOracle(address)setOracle(address)setOracle(address)FIP-8: Use Chainlink Oracle
This proposal switches the primary ETH-USD oracle to Chainlink from the ETH-USDC TWAP currently used. This would enhance accuracy, reduce manipulation resistance and reduce reliance on USDC.
Chainlink has a robust oracle network, which leverages data from both on- and off-chain sources. Many other Ethereum projects use and collectively support the Chainlink ETH/USD oracle, including Synthetix, Aave, Set Protocol, Loopring, and many more.
Because it uses a 50bps deviation threshold as trigger rather than a static TWAP, the Chainlink oracle responds faster to market volatility. This would help enhance the peg and protocol mechanisms.
Currently the protocol use oracles in determining:
The bonding curve purchase price for FEI
The reserve stabilizer sale price for FEI
The price to reweight to
The slippage tolerance on Uniswap swaps and liquidity provision
Additionally, upgrading to chainlink would save gas for users during oracle updates in FEI swaps on Uniswap and other protocol flows.
The oracle to be used is the ChainlinkOracleWrapper written by @eswak here: https://github.com/fei-protocol/fei-protocol-core/pull/100
Forum Discussion: https://tribe.fei.money/t/chainlink-oracle-integration-discussion/3316
FIP-8: Use Chainlink Oracle
This proposal switches the primary ETH-USD oracle to Chainlink from the ETH-USDC TWAP currently used. This would enhance accuracy, reduce manipulation resistance and reduce reliance on USDC.
Chainlink has a robust oracle network, which leverages data from both on- and off-chain sources. Many other Ethereum projects use and collectively support the Chainlink ETH/USD oracle, including Synthetix, Aave, Set Protocol, Loopring, and many more.
Because it uses a 50bps deviation threshold as trigger rather than a static TWAP, the Chainlink oracle responds faster to market volatility. This would help enhance the peg and protocol mechanisms.
Currently the protocol use oracles in determining:
The bonding curve purchase price for FEI
The reserve stabilizer sale price for FEI
The price to reweight to
The slippage tolerance on Uniswap swaps and liquidity provision
Additionally, upgrading to chainlink would save gas for users during oracle updates in FEI swaps on Uniswap and other protocol flows.
The oracle to be used is the ChainlinkOracleWrapper written by @eswak here: https://github.com/fei-protocol/fei-protocol-core/pull/100
Forum Discussion: https://tribe.fei.money/t/chainlink-oracle-integration-discussion/3316
FIP-8: Use Chainlink Oracle
This proposal switches the primary ETH-USD oracle to Chainlink from the ETH-USDC TWAP currently used. This would enhance accuracy, reduce manipulation resistance and reduce reliance on USDC.
Chainlink has a robust oracle network, which leverages data from both on- and off-chain sources. Many other Ethereum projects use and collectively support the Chainlink ETH/USD oracle, including Synthetix, Aave, Set Protocol, Loopring, and many more.
Because it uses a 50bps deviation threshold as trigger rather than a static TWAP, the Chainlink oracle responds faster to market volatility. This would help enhance the peg and protocol mechanisms.
Currently the protocol use oracles in determining:
The bonding curve purchase price for FEI
The reserve stabilizer sale price for FEI
The price to reweight to
The slippage tolerance on Uniswap swaps and liquidity provision
Additionally, upgrading to chainlink would save gas for users during oracle updates in FEI swaps on Uniswap and other protocol flows.
The oracle to be used is the ChainlinkOracleWrapper written by @eswak here: https://github.com/fei-protocol/fei-protocol-core/pull/100
Forum Discussion: https://tribe.fei.money/t/chainlink-oracle-integration-discussion/3316
mint(address,uint256)approve(address,uint256)FIP-7: Rari Integration
This proposal transfers admin control of the Rari Fuse pool 8 currently called "Tetranode's Flavor of the month” to Fei DAO. It includes a 10 million FEI deployment into the pool to bootstrap liquidity for borrowers.
Lending is a key use case for stablecoins and Rari Capital Fuse was the first lending integration for FEI. Fuse allows users to control the assets and interest rate parameters in a Compound-like pool. The current pool holds FEI, TRIBE, ETH and DAI.
If this proposal passes, Fei Protocol could add future PCV assets to provide a native way to get leverage and yield using FEI and protocol-owned liquidity.
Additionally, by supplying 10M FEI to the pool the Fei Protocol would be subsidizing borrowing rates and earning yield off of the early market formation. This could bootstrap future yield for FEI holders, drive FEI utility, and cash flow for TRIBE. Rari DAO has agreed to reduce the admin fee from 10% to 6% with a $10M TVL commitment for at least 9 months. This further tightens the spread to make interest rates as competitive as possible.
This implementation would mark the first instance of the DAO itself minting FEI to provide liquidity in another protocol. This pattern does not need code changes, as the DAO itself will be the holder and owner of the position.
Snapshot Vote: https://snapshot.fei.money/#/fei.eth/proposal/QmX9nKQiGdk58CyaQrm9uwhbUsHS5PtWNo5ASoYpRCS8gX
Tribe forum post: https://tribe.fei.money/t/fei-rari-integration/3314
Rari forum post: https://forums.rari.capital/d/87-fei-lending-partnership
mint(address,uint256)approve(address,uint256)FIP-7: Rari Integration
This proposal transfers admin control of the Rari Fuse pool 8 currently called "Tetranode's Flavor of the month” to Fei DAO. It includes a 10 million FEI deployment into the pool to bootstrap liquidity for borrowers.
Lending is a key use case for stablecoins and Rari Capital Fuse was the first lending integration for FEI. Fuse allows users to control the assets and interest rate parameters in a Compound-like pool. The current pool holds FEI, TRIBE, ETH and DAI.
If this proposal passes, Fei Protocol could add future PCV assets to provide a native way to get leverage and yield using FEI and protocol-owned liquidity.
Additionally, by supplying 10M FEI to the pool the Fei Protocol would be subsidizing borrowing rates and earning yield off of the early market formation. This could bootstrap future yield for FEI holders, drive FEI utility, and cash flow for TRIBE. Rari DAO has agreed to reduce the admin fee from 10% to 6% with a $10M TVL commitment for at least 9 months. This further tightens the spread to make interest rates as competitive as possible.
This implementation would mark the first instance of the DAO itself minting FEI to provide liquidity in another protocol. This pattern does not need code changes, as the DAO itself will be the holder and owner of the position.
Snapshot Vote: https://snapshot.fei.money/#/fei.eth/proposal/QmX9nKQiGdk58CyaQrm9uwhbUsHS5PtWNo5ASoYpRCS8gX
Tribe forum post: https://tribe.fei.money/t/fei-rari-integration/3314
Rari forum post: https://forums.rari.capital/d/87-fei-lending-partnership
FIP-7: Rari Integration
This proposal transfers admin control of the Rari Fuse pool 8 currently called "Tetranode's Flavor of the month” to Fei DAO. It includes a 10 million FEI deployment into the pool to bootstrap liquidity for borrowers.
Lending is a key use case for stablecoins and Rari Capital Fuse was the first lending integration for FEI. Fuse allows users to control the assets and interest rate parameters in a Compound-like pool. The current pool holds FEI, TRIBE, ETH and DAI.
If this proposal passes, Fei Protocol could add future PCV assets to provide a native way to get leverage and yield using FEI and protocol-owned liquidity.
Additionally, by supplying 10M FEI to the pool the Fei Protocol would be subsidizing borrowing rates and earning yield off of the early market formation. This could bootstrap future yield for FEI holders, drive FEI utility, and cash flow for TRIBE. Rari DAO has agreed to reduce the admin fee from 10% to 6% with a $10M TVL commitment for at least 9 months. This further tightens the spread to make interest rates as competitive as possible.
This implementation would mark the first instance of the DAO itself minting FEI to provide liquidity in another protocol. This pattern does not need code changes, as the DAO itself will be the holder and owner of the position.
Snapshot Vote: https://snapshot.fei.money/#/fei.eth/proposal/QmX9nKQiGdk58CyaQrm9uwhbUsHS5PtWNo5ASoYpRCS8gX
Tribe forum post: https://tribe.fei.money/t/fei-rari-integration/3314
Rari forum post: https://forums.rari.capital/d/87-fei-lending-partnership
FIP-7: Rari Integration
This proposal transfers admin control of the Rari Fuse pool 8 currently called "Tetranode's Flavor of the month” to Fei DAO. It includes a 10 million FEI deployment into the pool to bootstrap liquidity for borrowers.
Lending is a key use case for stablecoins and Rari Capital Fuse was the first lending integration for FEI. Fuse allows users to control the assets and interest rate parameters in a Compound-like pool. The current pool holds FEI, TRIBE, ETH and DAI.
If this proposal passes, Fei Protocol could add future PCV assets to provide a native way to get leverage and yield using FEI and protocol-owned liquidity.
Additionally, by supplying 10M FEI to the pool the Fei Protocol would be subsidizing borrowing rates and earning yield off of the early market formation. This could bootstrap future yield for FEI holders, drive FEI utility, and cash flow for TRIBE. Rari DAO has agreed to reduce the admin fee from 10% to 6% with a $10M TVL commitment for at least 9 months. This further tightens the spread to make interest rates as competitive as possible.
This implementation would mark the first instance of the DAO itself minting FEI to provide liquidity in another protocol. This pattern does not need code changes, as the DAO itself will be the holder and owner of the position.
Snapshot Vote: https://snapshot.fei.money/#/fei.eth/proposal/QmX9nKQiGdk58CyaQrm9uwhbUsHS5PtWNo5ASoYpRCS8gX
Tribe forum post: https://tribe.fei.money/t/fei-rari-integration/3314
Rari forum post: https://forums.rari.capital/d/87-fei-lending-partnership
FIP-7: Rari Integration
This proposal transfers admin control of the Rari Fuse pool 8 currently called "Tetranode's Flavor of the month” to Fei DAO. It includes a 10 million FEI deployment into the pool to bootstrap liquidity for borrowers.
Lending is a key use case for stablecoins and Rari Capital Fuse was the first lending integration for FEI. Fuse allows users to control the assets and interest rate parameters in a Compound-like pool. The current pool holds FEI, TRIBE, ETH and DAI.
If this proposal passes, Fei Protocol could add future PCV assets to provide a native way to get leverage and yield using FEI and protocol-owned liquidity.
Additionally, by supplying 10M FEI to the pool the Fei Protocol would be subsidizing borrowing rates and earning yield off of the early market formation. This could bootstrap future yield for FEI holders, drive FEI utility, and cash flow for TRIBE. Rari DAO has agreed to reduce the admin fee from 10% to 6% with a $10M TVL commitment for at least 9 months. This further tightens the spread to make interest rates as competitive as possible.
This implementation would mark the first instance of the DAO itself minting FEI to provide liquidity in another protocol. This pattern does not need code changes, as the DAO itself will be the holder and owner of the position.
Snapshot Vote: https://snapshot.fei.money/#/fei.eth/proposal/QmX9nKQiGdk58CyaQrm9uwhbUsHS5PtWNo5ASoYpRCS8gX
Tribe forum post: https://tribe.fei.money/t/fei-rari-integration/3314
Rari forum post: https://forums.rari.capital/d/87-fei-lending-partnership
grantPCVController(address)grantMinter(address)revokePCVController(address)revokeMinter(address)setPCVDeposit(address)FIP-3: Regular Reweights
This proposal reinstates reweights on the FEI- ETH uniswap pair with a fixed cadence. We include the following parameter changes:
Set reweight frequency to 4 hours
Lower the min distance below peg for a reweight from 1% to 0.5%
Lower reweight keeper reward to 200 FEI
4 Hour Frequency
The fast, regular reweight cadence of 4 hours will help create a strong expectation that any deviations from the peg will soon be corrected by the protocol, and the mechanisms for this are robust and simple to understand. Having them throughout the day will ensure no geographical regions are given special advantage.
Minimum Distance Below the Peg to 0.5%
Lowering the minimum distance for a reweight to 0.5% fosters a tighter peg. Reweights could be triggered more frequently and at a lower cost to the protocol.
Lowering Keeper Reward to 200 FEI
Lowering the FEI reward to 200 allows the protocol to reduce FEI inflation on the reweights which could occur over 2 thousand times a year with the 4-hour cadence. The true number would likely be lower, as this assumes a reweight in every 4 hour interval.
For more discussion see the forum: https://tribe.fei.money/t/fip-3-fixed-cadence-reweights/3201
Code: https://github.com/fei-protocol/fei-protocol-core/pull/96
Access Control Changes:
Grant Minter and PCVController to 0x0760dfe09bd6d04d0df9a60c51f01ecedceb5132 (new controller)
Revoke Minter and PCVController from 0x7a165F8518A9Ec7d5DA15f4B77B1d7128B5D9188 (old controller)
FIP-3: Regular Reweights
This proposal reinstates reweights on the FEI- ETH uniswap pair with a fixed cadence. We include the following parameter changes:
Set reweight frequency to 4 hours
Lower the min distance below peg for a reweight from 1% to 0.5%
Lower reweight keeper reward to 200 FEI
4 Hour Frequency
The fast, regular reweight cadence of 4 hours will help create a strong expectation that any deviations from the peg will soon be corrected by the protocol, and the mechanisms for this are robust and simple to understand. Having them throughout the day will ensure no geographical regions are given special advantage.
Minimum Distance Below the Peg to 0.5%
Lowering the minimum distance for a reweight to 0.5% fosters a tighter peg. Reweights could be triggered more frequently and at a lower cost to the protocol.
Lowering Keeper Reward to 200 FEI
Lowering the FEI reward to 200 allows the protocol to reduce FEI inflation on the reweights which could occur over 2 thousand times a year with the 4-hour cadence. The true number would likely be lower, as this assumes a reweight in every 4 hour interval.
For more discussion see the forum: https://tribe.fei.money/t/fip-3-fixed-cadence-reweights/3201
Code: https://github.com/fei-protocol/fei-protocol-core/pull/96
Access Control Changes:
Grant Minter and PCVController to 0x0760dfe09bd6d04d0df9a60c51f01ecedceb5132 (new controller)
Revoke Minter and PCVController from 0x7a165F8518A9Ec7d5DA15f4B77B1d7128B5D9188 (old controller)
grantPCVController(address)grantMinter(address)revokeMinter(address)withdrawRatio(address,address,uint256)setMaxBasisPointsFromPegLP(uint256)setAllocation(address[],uint256[])FIP-5 Update Bonding Curve Allocation
This proposal updates the bonding curve allocation to send ETH to the reserve stabilizer via the dripper instead of the Uniswap PCV deposit. It also upgrades the PCV deposit to add slippage protection to prevent new ETH deposits if the price of FEI is more than 1% from the oracle price.
These changes together protect against manipulation of the Uniswap FEI-ETH pair and abusing the protocol's ability to mint when depositing to the pair from the bonding curve.
The liquidity from the old PCV deposit will be transferred to the new one through the RatioPCVController which allows for withdrawals of a percentage, 100% in this case. This is important because the raw amount of ETH in the pair is variable as prices change. This proposal also unpauses the old deposit atomically within this vote to prevent any manipulation.
Any ETH sent to the bonding curve to buy FEI would now be allocated to the EthPCVDripper that points to the EthReserveStabilizer, which helps to reinforce the $0.95 price floor on FEI.
The code for this proposal is here: https://github.com/fei-protocol/fei-protocol-core/pull/98
Access Control changes:
* Grant Minter to the new EthUniswapPCVDeposit contract (0x5d6446880FCD004c851EA8920a628c70Ca101117)
* Grant PCVController to the new RatioPCVController contract (0xfC1aD6eb84351597cD3b9B65179633697d65B920)
* Revoke Minter from the old EthUniswapPCVDeposit (0x9b0C6299D08fe823f2C0598d97A1141507e4ad86)