FIP-77: Move Rewards to FeiRari for FEI-3Crv
Summary Update FeiRari AP for FEI-3Crv to 1000 and supply cap to $250m before removing incentives on TribalChief.
Forum: https://tribe.fei.money/t/update-on-fei-3crv-and-convex-farming-plans/3928
Motivation
After FIP-66 1, FEI-3Crv will be receiving bribes on Curve. Likewise this pool has an increased A parameter which increases the effective liquidity depth and utilization. It will go to 100 from 10 by Feb 5, Curve.fi.
There is currently code under audit which will allow the protocol to farm CRV and CVX by plugging in user deposits from FeiRari to Convex. This is effectively a TRIBE exchange for liquidity and CRV and CVX emissions, far more attractive than vanilla liquidity mining. This will be transitioned over as soon as the audit is complete and fixes are in, if any per FIP-60.
The last action item of FIP-60 is to lower the AP from 1000 to 0 on the TribalChief. The main intention for lowering allocation was the lack of liquidity (resolved by A param increase) and lack of profitability (resolved by plugin).
There is over $175m in TVL currently incenvitivized by this 1000 AP which would need to find a new home.
Proposal
Atomically transition the AP of FEI-3Crv on TribalChief to 0 AND on FeiRari up from 250 to 1000 along with a supply cap increase to $250m
Voting Rules
This is a binding, binary snapshot vote. Quorum is 10M TRIBE. If “Yes” wins, the proposal will be enacted via the Optimistic Timelock. If “No” wins, TribalChief allocation points for FEI-3Crv will still be sent to 0 per FIP-60.
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x4e47...515449 | 10.04M | Yes, 1000 AP to FeiRari FEI-3Crv |
 0x6ef7...5C6148 | 3M | Yes, 1000 AP to FeiRari FEI-3Crv |
 0x72b7...0683F3 | 2.115M | Yes, 1000 AP to FeiRari FEI-3Crv |
 0x7715...78d79F | 1.722M | Yes, 1000 AP to FeiRari FEI-3Crv |
 0x01dB...E561C7 | 1M | Yes, 1000 AP to FeiRari FEI-3Crv |
VOTE POWER
Proposal Status
- Thu February 03 2022, 08:00 pmVoting Period Starts
- Sat February 05 2022, 08:00 pmEnd Voting Period
Current Results
1-Yes, 1000 AP to FeiRari FEI-3Crv
18.131M