FIP-72: Upgrade DAI Redeemability
Summary
Peg FEI to DAI directly instead of an oracle in the PCV DAI redeemer
Motivation
An oracle-based solution is not optimal for the current FEI-DAI redeemer. Making FEI redeemable 1:1 with DAI would resolve this issue by not directly relying on an oracle during regular operation.
This is analogous to the Maker PSM, and essentially allows Fei Protocol to piggyback off of DAI’s tight peg.
Critically, Tribe holders collectively manage how to deploy DAI (currently compound) and when to sell or shut off redeemability.
Because the DAI reserves are empty, the protocol should set minting fees to 0 to begin accumulating as soon as FEI is over peg.
Specification
Create a new Peg Stability Module that uses a fixed price oracle and reverts if the DAI chainlink oracle price is outside of the acceptable bounds. Lower Bound: $0.975 Upper Bound: $1.025 Mint fee basis points at 0 Redeem fee basis points at 10 Deprecate DAI PriceBoundPSM Keep all other DAI PSM parameters the same in this new contract
Voting Rules
This is a non-binding, binary, single choice snapshot. Quorum is 10M TRIBE.
- YES, create this new redeemability module that allows DAI to be redeemable for FEI 1:1 and deprecate current FEI/DAI redeemability
- NO, leave DAI redeemability module as is
If this vote passes, this will need new smart contracts to be written and then submit an action to the DAO for an onchain vote.
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xe0ac...BaCD52 | 10.042M | Yes, update DAI redeemability |
 0x70b6...ddeCA9 | 5.114M | Yes, update DAI redeemability |
 0x6ef7...5C6148 | 3M | Yes, update DAI redeemability |
 0x7E74...6001D2 | 2.514M | Yes, update DAI redeemability |
 0xf8D0...5a28Ee | 2.5M | Yes, update DAI redeemability |
VOTE POWER
Proposal Status
- Mon January 24 2022, 12:00 amVoting Period Starts
- Wed January 26 2022, 12:00 amEnd Voting Period
Current Results
1-Yes, update DAI redeemability
31.101M