0xe0ac4559…cd52sent to0xe087f94c…579b·#12,317,988·view on Etherscan
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>