FIP-59: TribalChief Allocation Adjustments
Summary:
Adjust TribalChief rewards away from FEI-TRIBE liquidity and FEI-3Crv towards Uniswap USDC-FEI 1bps tier and d3 pool.
Motivation/Background
FEI/TRIBE LP tokens
25% of FEI/TRIBE liquidity (amounting to ~$87MM) is currently staked in the TribalChief contract earning 47% APR. The remaining 75% (amounting to ~$271MM) is owned by Fei Labs core team and investors, subject to a 1 year cliff and 3 year linear vesting, and custodied by the IDO contract.
$1.32 | Uniswap FEI/TRIBE LP (UNI-V2) Token Tracker | Etherscan 2 The trading volume on the Uniswap v2 FEI/TRIBE pool is de minimis. At current TRIBE prices, TRIBE holders are paying $112,000 per day to increase the size of the Uniswap pool from $271MM to $358MM, which results in marginally lower price impact.
https://v2.info.uniswap.org/pair/0x9928e4046d7c6513326ccea028cd3e7a91c7590a 1 This proposal removes TribalChief incentives for this pool, which will increase the value of our other incentive programs proportionally.
Fei / Stablecoin Liquidity
This Curve metapool is doing very little volume in part because it is not being seen by aggregators like 1inch and Paraswap, and because of the existence of concentrated Uniswap liquidity: -incentivized Fei/Dai .05% Gelato LP with $18MM TVL, and -unincentivized FEI/USDC Uniswap liquidity with $33.75MM TVL
These two pools combined are averaging ~$70MM daily volume recently with a combined 100 AP, whereas the Curve pool is doing far less volume with 1000 AP.
Voting Rules
This is a binding vote, with the result to be enacted by Optimistic Approval. The options are “approval style” with the most approved option in each category being the winner:
Remove FEI/TRIBE Uniswap LP incentives (1000 → 0 AP) a. Gradually over 2 weeks b. All at once c. Do not remove
Incentivize FEI/USDC Uniswap v3 LP 1bps a. 250 AP b. 500 AP c. Do not incentivize
Reduce 3CRV/FEI incentives a. 250 AP b. 500 AP b. Do not reduce
Incentivize Curve d3 pool a. 100 AP b. 250 AP c. Do not incentivize
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xcfc5...8Ba0C5 | 6.374M | No remove FEI-TRIBE, FEI-USDC 1bps - 500AP, FEI-3Crv - 250AP, d3 - 0AP, Votium d3 - 0 AP |
 0x22fa...91Cb32 | 5M | Remove FEI-TRIBE gradually all, FEI-USDC 1bps - 500AP, FEI-3Crv - 250AP, d3 - 250 AP, Votium d3 - 250 AP |
 0xd0ed...293DAE | 3.774M | Remove FEI-TRIBE gradually all, FEI-USDC 1bps - 500AP, FEI-3Crv - 250AP, d3 - 250 AP, Votium d3 - 250 AP |
 0x7E74...6001D2 | 2.511M | FEI-3Crv - 250AP, FEI-USDC 1bps - 500AP, d3 - 250 AP, Remove FEI-TRIBE gradually in 2w, Votium d3 - 250 AP |
 0x55e1...2E764c | 1.003M | Remove FEI-TRIBE gradually all, FEI-USDC 1bps - 500AP, FEI-3Crv - 250AP, d3 - 250 AP, Votium d3 - 250 AP |
VOTE POWER
Proposal Status
- Mon December 27 2021, 08:00 pmVoting Period Starts
- Wed December 29 2021, 08:00 pmEnd Voting Period
Current Results
1-FEI-3Crv - 250AP
19.805M
2-FEI-USDC 1bps - 500AP
19.241M
3-Votium d3 - 250 AP
13.87M