Simplified Undo with no edge cases
AI summary
This proposal suggests a mechanism to allow users to redeem FEI and TRIBE tokens for Ethereum (ETH) at the original genesis ratio. Specifically, for every 156.437 TRIBE and 2037.768 FEI tokens, users can receive 1 ETH back. This aims to simplify a previous 'Undo Proposal' by removing complex edge cases and making it accessible to anyone, not just original genesis participants. The goal is to reduce selling pressure on FEI, help it regain its dollar peg, and provide an exit for early investors.
If passed, this proposal would reduce the Fei Protocol's treasury (PCV) as ETH is paid out, but it is expected to improve FEI's stability and market perception. TRIBE holders who do not redeem might benefit from a potential distribution of the redeemed TRIBE tokens, though the specifics are yet to be determined. The proposal aims to benefit the long-term health of the Fei Protocol by stabilizing FEI and retaining committed community members.
Voting results
🐳 Whale votes
0 votes > 5% VPFull proposal
This is meant as a soft vote to signal support for the proposal on Discourse from user HittingBOMBS:
https://tribe.fei.money/t/proposal-simplified-undo-with-no-edge-cases/2881
I am writing this proposal that is my best interpretation of @joey 's recent comments.
It is clear from the team’s comments regarding the snapshot vote, the best step forward is to find a way to get back to the peg. To do that, we need to relieve sell pressure and/or reweight. This will create utility for FEI as it makes integrations feasible.
Unfortunately it seems the first proposal was too favorable to FEI holders…