TIP-121d: Disable DAO Timelock
This proposal would complete TIP-121. It permanently removes all future governance and leaves the protocol in a minimal state with FEI and TRIBE Redemptions open and ongoing, in perpetuity, per the TIP-121 discussion here: https://tribe.fei.money/t/tip-121-proposal-for-the-future-of-the-tribe-dao/4475.
Should the proposal go through, the only remaining system roles would be the MINTER role allowing FEI to be 1:1 backed by DAI in perpetuity, and roles related to TIP-121c: veBAL OTC with Aave Companies.
The proposal also includes clean-up actions such as un-delegating DAO owner TRIBE and disabling future TRIBE minting.
Should this vote pass FEI and TRIBE Redemptions will remain unaffected.
FIP-79: Tribe x Olympus Partnership
This proposal swaps 3.74M TRIBE for 577.18 gOHM with the Olympus DAO Treasury to form a protocol partnership.
As part of the partnership:
* Olympus will intake FEI to Treasury.
* Fei protocol to fill 20% portion of bond capacity
* Olympus to be included in Tribe Turbo
Forum: https://tribe.fei.money/t/fip-79-olympus-dao-fei-partnership/3939/21
Snapshot: https://snapshot.org/#/fei.eth/proposal/0x8fc10a0d66829e7e78b41a72d542adf7720f92b747a083400d77656744169907
Code: https://github.com/fei-protocol/fei-protocol-core/pull/600
FIP-68: REPT-B Redemption and RGT Migration Future Expiry
This proposal allows all REPT-B to redeem for FEI at 1:1.
It also triggers the RGT->TRIBE expiry for August 1, 2022 (unix epoch 1659312000).
FIP-68: REPT-B Redemption and RGT Migration Future Expiry
This proposal allows all REPT-B to redeem for FEI at 1:1.
It also triggers the RGT->TRIBE expiry for August 1, 2022 (unix epoch 1659312000).
FIP-65: Tribe ETH Fuse Pool, FIP-67: Create Backup LUSD PSM
FIP 65 sends 2500 ETH from Compound to the Tribe ETH Fuse pool. This allows for levering on stETH interest rates.
Forum: https://tribe.fei.money/t/fip-65-tribe-eth-fuse-pool/3862
FIP-67 proposal deploys a backup LUSD PSM, initially paused:
1. Add the LUSD PSM to the CR Oracle
2. Pause LUSD PCVDripController
3. Pause LUSD lusdPSMFeiSkimmer
4. Pause minting and redemptions on the newly created lusd PSM
5. Grant the LUSD PSM the minter role
6. Grant PCV Controller to the lusdPCVDripController and lusdPSMFeiSkimmer
Forum: https://tribe.fei.money/t/fip-67-backup-lusd-redeemability-module/3875
Code: https://github.com/fei-protocol/fei-protocol-core/pull/456
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
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
FIP-61: Maintenance and Peg Updates
This proposal includes several maintenance upgrades that are bundled together:
1. Upgrade static pcv deposit in Collateralization Oracle
2. Deprecate DAI bonding curve + TRIBERagequit by removing Minter role
3. Add TribalChief auto-decrease rewards
4. Reduce DAI PSM spread to 25 bps
Code: https://github.com/fei-protocol/fei-protocol-core/pull/411
FIP-50: Yield improvements
Summary: Deploy 100m LUSD and 24k stETH
Proposal:
1. Withdraw all LUSD from Balancer LBP
2. Deploy 10m LUSD to Fuse Pool 7
3. Deploy remaining LUSD ~90m to B. Protocol B.AMM
4. Withdraw 12k ETH from Compound and Aave
5. Deposit 24k ETH to Lido stETH
6. Cleanup CR Oracle
Access control changes:
1. Swap "RatioPCVController" utility for new v2 upgrade.
2. Grant OA the ability to trigger LBP swaps.
Code: https://github.com/fei-protocol/fei-protocol-core/pull/344
Forum: https://tribe.fei.money/t/fip-50-cont-fei-interest-shift-for-huge-yield/3750
FIP-33b: Deposit 200,000 BAL in the BAL/WETH pool
Summary:
This proposal is a follow-up to FIP-33: Swap between Balancer DAO and Fei DAO
Specification:
From the original FIP-33 snapshot: "Fei DAO will deposit BAL into BAL/WETH 80/20 paired with ETH from the PCV and commits to holding for the long run".
This proposal moves the 200,000 BAL received by OTC to the BAL/WETH 80/20 pool, along with 250 WETH from Aave to reduce slippage.
Forum discussion: https://tribe.fei.money/t/fip-33-swap-between-balancer-dao-and-fei-dao/3555
Snapshot: https://snapshot.org/#/fei.eth/proposal/QmZRQGzAxYFQDTPoXKwsjySMTV3iyT9S8V8zLyscWJGeUq
FIP-56: Fei v2 Deployment
Adds the following contracts to PCV:
* TribeMinter - mints TRIBE with an annual inflation limit
* TribeReserveStabilizer - backstop for when PCV is under reserve ratio
* DAI PSM - 1:1 redeemability for FEI and DAI
* DAI PCV Drip Controller - refills DAI PSM periodically
removes minting privileges and CR oracle for DPI and RAI bomding curves
Increase ETH spread to 75bps
Add DAI PSM to PCV Guardian
Forum: https://tribe.fei.money/t/fip-56-fei-v2-deployment-proposal/3768
Code: https://github.com/fei-protocol/fei-protocol-core/pull/372
FIP-52: Increase DAI allocation
Raise DAI bonding curve scale by 50M to 150M, raise cap to 160M, change buffer to 0.2%
Code: https://github.com/fei-protocol/fei-protocol-core/pull/371
Discussion: https://tribe.fei.money/t/fip-52-increase-dai-pcv-allocation/3733
FIP-55: PCV Guardian
Create a PCV Guardian which can move PCV only to safe locations, namely other PCV deposits that are particularly low risk.
This would help save assets in the event of a hack or extreme market conditions if Fei Protocol has a heads up.
Code: https://github.com/fei-protocol/fei-protocol-core/pull/353
Discussion: https://tribe.fei.money/t/fip-55-pcv-guardian/3744
FIP-48: Update Collateralization Oracle
Summary: Updates the on-chain collateralization with the most recent PCV Deposits.
Description:
Adds new oracles for:
- LUSD
- CREAM
- BAL
Adds new deposits:
- FEI-LUSD auction
- Aave FEI deposit
- CREAM DAO holdings (hack repayment)
- BAL DAO holdings (treasury swap)
- LUSD in pool 7 and 91
- New StaticPCVDeposit (accounting INDEX + Kashi FEI etc)
- FEI-TRIBE buybacks
- Fuse pool 90 FEI
Remove:
- Old StaticPCVDeposit
- Duplicate Fuse deposits
Code: https://github.com/fei-protocol/fei-protocol-core/pull/332
FIP-41: LUSD Auction
Summary:
Acquire 100M LUSD through a Balancer auction and supply to LUSD stability pool. This amount represents 8.5% of Fei PCV and 14% of LUSD total supply.
Liquity is governance-free and has multiple decentralized front-end interfaces giving it more resilience and censorship resistance. It is very aligned with Fei in relation to decentralization.
Specification:
Acquire 100M LUSD through a Balancer auction using 100M minted FEI. It is a similar process to the one used for TRIBE buybacks.
The LUSD acquired will be deployed to Liquity's Fuse pool.
The initial 1M LUSD to seed the auction is acquired through a swap of freshly-minted FEI to LUSD in the Saddle D4 pool.
Forum discussion: https://tribe.fei.money/t/fip-41-acquire-lusd-through-a-balancer-auction/3602
Snapshot: https://snapshot.org/#/fei.eth/proposal/0x0e5f05a0c51938b904d9932849251ae920403b75301f90567da9d1ed857965c3
FIP-34: Optimistic Minter
Summary:
Grant optimistic approval the rate limited ability to mint FEI, to continue to fund DAO operations like FIP-13 lending deployments and potentially Liquidity-as-a-Service.
Additionally mint an initial 100M FEI to the timelock.
Also transitions remaining roles from FIP-31.
Motivation:
Instead of continually going back to the DAO to ask for more funding, Fei Protocol can deploy a contract which allows the OA timelock to mint FEI periodically.
This minter will have a hard rate limit on the amount minted. These mintings will still be subject to the 4 day timelock, but would not require governance intervention.
Unrelated to the main proposal, this proposal also transitions the Tribe minter role from the old DAO timelock to the new DAO timelock.
Forum discussion: https://tribe.fei.money/t/fip-34-fei-minting-for-optimistic-approval/3565
Code: https://github.com/fei-protocol/fei-protocol-core/pull/259
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-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
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
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
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-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-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)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
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-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-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-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)
FIP-2: Fei Redemption and TRIBE Staking Rewards
<span style="text-align:start;"><span style="color: rgb(26,32,44);background-color: rgb(255,255,255);font-size: mediumpx;font-family: Open Sans", Inter, "DM Sans", sans-serif;">This proposal allows for FEI redemption at $0.95 and adds 100 million TRIBE to the TribeDripper which will double the cumulative staking rewards on the FeiStakingRewards contract. It also returns ~127k FEI to Ocean-X from</span>[<span style="color: inherit;background-color: transparent;font-size: mediumpx;font-family: Open Sans", Inter, "DM Sans", sans-serif;">https://etherscan.io/tx/0xdcfe606b9ed3acc596b8a2b58a1e3fd8b0b6be343526e4d6ed861f52b83850e0</span>](https://etherscan.io/tx/0xdcfe606b9ed3acc596b8a2b58a1e3fd8b0b6be343526e4d6ed861f52b83850e0)<span style="color: rgb(26,32,44);background-color: rgb(255,255,255);font-size: mediumpx;font-family: Open Sans", Inter, "DM Sans", sans-serif;">.</span></span>
<span style="text-align:left;"><span style="color: rgb(26,32,44);background-color: rgb(255,255,255);font-size: mediumpx;font-family: Open Sans", Inter, "DM Sans", sans-serif;">300,000 ETH will be sent to the EthPCVDripper which allows 5000 ETH per hour to be dripped to the EthReserveStabilizer. If the balance of the stabilizer is at least 5000 ETH the drip will fail. This dripper helps prevent oracle attacks by not leaving too much ETH in the stabilizer. The EthReserveStabilizer facilitates FEI redemption at $0.95 worth of ETH relative to the oracle price. It is granted the Burner role so it can exchange FEI without approval.</span></span>
<span style="text-align:left;"><span style="color: rgb(26,32,44);background-color: rgb(255,255,255);font-size: mediumpx;font-family: Open Sans", Inter, "DM Sans", sans-serif;">When the FeiRewardsDistributor receives new TRIBE, it allocates an amount proportional to all prior drips to the very first drip, frontloading the distribution. If the 100 million TRIBE are sent directly to the distributor then the following week would have 6x rewards (1x base rewards + 100% boost x 5 drips).</span></span>
<span style="text-align:left;"><span style="color: rgb(26,32,44);background-color: rgb(255,255,255);font-size: mediumpx;font-family: Open Sans", Inter, "DM Sans", sans-serif;">To smoothen out the front-loading, the TribeDripper sends the 100 million TRIBE to the FeiRewardsDistributor over 3 weeks using 47m, 31m, and 22m TRIBE respectively.</span></span>
<span style="text-align:left;"><span style="color: rgb(26,32,44);background-color: rgb(255,255,255);font-size: mediumpx;font-family: Open Sans", Inter, "DM Sans", sans-serif;">Week 1: 1x base rewards + 47% boost x 5 drips = ~3.35x\s\s
Week 2: 1.47x base rewards + 31% x 6 drips = ~3.33x\s\s
Week 3: 1.78x base rewards + 22% x 7 drips = ~3.32x\s\s
Week 4+: 2x base rewards</span></span>