Memo 0x7e485111…fa7632 on Ethereum

0x6ef71ca9…6148sent to0xe087f94c…579b2021-07-01·#12,743,970·view on Etherscan

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

unknown sendersent to0xe087f94c…579b2021-07-01·#12,743,970·view on Etherscan

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