Why ‘rage quitting’ is a growing DeFi trend that’s upending DAOs

TIP-121c: Final Redemption

FIP-56: Fei v2 Backstop + DAI Redeemability

FIP-1: Reserve Stabilization

Repay Fuse Bad Debt
  
  TIP-112: Fuse Repayment

  Summary: Whitelists the “Fuse Repayment Contract” as a safe PCV address for the Guardian to repay.
  
  Proposal:
  
  The community has signaled support for a PCV repayment of the Fuse exploit in a previous snapshot.
  
  This proposal provides some technical details and associated timelines.
  
  First, the strategy for repayment will be staged by asset.
  
  Repayment order will be assets currently in PCV first (RAI, DAI, FEI, ETH, LUSD), then external assets after associated conversions (USDC, USDT, FRAX). Both categories will be sorted by the smallest repayment amount first.
  
  For assets currently in PCV, the capital will be sourced from the most liquid deposit of that type.
  
  The proposal simply whitelists the repayment contract as a safe address for new PCV to be transferred in by the Guardian to repay. If any tokens remain in the contract after repayment, they can be withdrawn back into PCV.
  
  In terms of timelines, it would take 1-2 days to repay assets in PCV, and up to a week to source the non PCV assets from proposal execution.  
  
  Voting options are YES, whitelist the fuse repayment contract and begin immediate full repayment, and NO, do not whitelist the fuse repayment contract and begin immediate full repayment.

Repay Fuse Bad Debt

TIP-121c: Start FEI and TRIBE Redemption

  TIP-121c: Start FEI and TRIBE Redemption
  
This proposal implements zero fee redemption of FEI 1:1 to DAI and pro-rata TRIBE redemptions for remaining PCV assets.

It transfers 51,450,791 DAI to an immutable, zero-fee, FEI to DAI wrapper contract (SimpleFeiDaiPSM). In addition, all DAI from the existing PSM will be transferred to maintain a complete 1:1 backing against a changing circulating FEI value. 

The remaining 30,666,344 DAI would be transferred to the TribeRedeemer along with all 50.3k stETH, 15,316,691 FOX and 1,101,298 LQTY.

The effective circulating TRIBE value with pro rata claims to these tokens is 458,964,340. For simplicity, this means each 10,000 TRIBE would receive at least:
  - 668.15 DAI
  - 1.096 stETH
  - 333.71 FOX
  - 23.98 LQTY

The ability to redeem TRIBE is at holder discretion and would be open indefinitely, allowing people to claim TRIBE at the time of their choosing. Two additional sources of remaining  funding would be added after the completion of the consolidation steps approved in TIP-121a:

  - Selling the remaining assets in the Tribal Council Safe: 0x2EC598d8e3DF35E5D6F13AE2f05a7bB2704e92Ea 
  - Completion of the veBAL for 1M DAI OTC with Aave Companies: https://tribe.fei.money/t/aave-companies-otc-proposal-for-tribe-dao-s-vebal/4544 

Any assets pending consolidation to the  PCV, such as the above, would be added to the pro-rata distribution of  PCV for TRIBE holders when available. Note that any TRIBE that claims before these consolidations will forfeit the pro-rata redemption value of these last assets from consolidation. Each TRIBE address can only redeem once.

The proposal also transfers the BAL and bb-a-USD yield from the veBAL contract to the Tribal Council Safe for the purpose of selling to DAI and distributing back in the TribeRedeemer. This is in preparation for the OTC with the Aave Companies, described above.

Lastly, it cleans up smart contract ACL roles and the collateralization oracle in line with the old contracts removed in this vote.

The code went through extensive testing, internal QA and external audits like https://code4rena.com/contests/2022-09-fei-and-tribe-redemption-contest.
  

TIP-121c: Start FEI and TRIBE Redemption

FIP-51: FeiRari Merger

  This proposal represents the Tribe half of the FeiRari merger code. It executes the following steps:
  0. Check Rari vote executed first
  1. Accept PegExchanger contract for swapping RGT to TRIBE at ~26.7 TRIBE per RGT exchange rate
  2. Accept TRIBERagequit contract
  3. Seed PegExchangerDripper with 170m TRIBE
  4. Seed PegExchanger with 100m TRIBE
  5. Grant FEI minting to TRIBERagequit
  6. Send 315k FEI to GFX

  Ragequit details:
  - live until unix epoch 1640480400: Dec 26, 1am UTC
  - Intrinsic Value: $1.078903938

  Rari forum: https://forums.rari.capital/d/177-feirari-token-merge/56
  Tribe forum: https://tribe.fei.money/t/fip-51-fei-rari-token-merge/3642/105
  Code: https://github.com/fei-protocol/fei-protocol-core/tree/develop/contracts/merger


FIP-51: FeiRari Merger

FIP-85: Kill RGT rewards on RGT/ETH SushiSwap pair
Kill RGT rewards on RGT/ETH SushiSwap pair--we don't need them anymore.

FIP-85: Kill RGT rewards on RGT/ETH SushiSwap pair

Rari Governance Deprecation

  Rari Governance Deprecation

  This proposal in whole will deprecate the Rari Yield Aggregator and Rari Timelock.

The Rari timelock will claim remaining USDC and DAI fees through a series of txs.

The USDC will be sent to the Fuse multisig (0x5eA4A9a7592683bF0Bc187d6Da706c6c4770976F), where it will be converted to DAI and sent to the Tribe Redeemer.

This is to minimize technical risk. 

The claimed DAI fees will be send directly to the redeemer. Finally the Rari timelock will have its ownership transferred to the DAOTimelockBurner contract (0x6F6580285a63f1e886548458f427f8695BA1a563) for deprecation.

Rari Governance Deprecation

FIP-2: Fei Redemption and TRIBE Staking Rewards 
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[https://etherscan.io/tx/0xdcfe606b9ed3acc596b8a2b58a1e3fd8b0b6be343526e4d6ed861f52b83850e0](https://etherscan.io/tx/0xdcfe606b9ed3acc596b8a2b58a1e3fd8b0b6be343526e4d6ed861f52b83850e0).
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.
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).
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.
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

FIP-2: Fei Redemption and TRIBE Staking Rewards

FIP-10a: DAI Bonding Curve 
FIP-10a

The following is a proposal to open a bonding curve for DAI, with a target scale and cap of 50M FEI, at a discount of 0.3%. This would add ~49.85M DAI to the PCV, and release up to 50M FEI into circulation.

Possible intended future deployment (pending current & future code development and a vote) for this DAI are :
- Providing liquidity in the Curve FEI metapool
- Providing liquidity on Uniswap v3 against DAI
- Deploying DAI to Aave, the FeiRari, or leaving it in Compound

These deployments will have to be approved in a separate proposal, once we have acquired DAI in the PCV. This proposal is a prerequisite to any PCV action involving DAI. Waiting for the next vote(s), the DAI acquired will be temporarily deposited on Compound, yielding around ~3k DAI per day, plus ~1.5k$ of COMP per day at current rates.

Bonding curve parameters :
- Scale: 50M FEI
- MintCap: 50M FEI
- Pre-scale discount: 0.3%
- Post-scale premium: 1%
- Oracle: Chainlink DAI-USD (2% deviation threshold)
- Keeper incentive amount: 100 FEI
- Keeper incentive frequency: 604800s (1 week)
- All of the DAI PCV raised will be deposited on Compound

Snapshot : https://snapshot.org/#/fei.eth/proposal/QmTj5cnKb4guMdjQSNpXqu5VDti5RecRfr2LvyMUhjokyp
Forum : https://tribe.fei.money/t/fip-10-curve-integration/3342/26
Pull request : https://github.com/fei-protocol/fei-protocol-core/pull/131

FIP-10a: DAI Bonding Curve

FIP-5 Update Bonding Curve Allocation 
This proposal updates the bonding curve allocation to send ETH to the reserve stabilizer via the dripper instead of the Uniswap PCV deposit. It also upgrades the PCV deposit to add slippage protection to prevent new ETH deposits if the price of FEI is more than 1% from the oracle price.

These changes together protect against manipulation of the Uniswap FEI-ETH pair and abusing the protocol's ability to mint when depositing to the pair from the bonding curve.

The liquidity from the old PCV deposit will be transferred to the new one through the RatioPCVController which allows for withdrawals of a percentage, 100% in this case. This is important because the raw amount of ETH in the pair is variable as prices change. This proposal also  unpauses the old deposit atomically within this vote to prevent any manipulation.

Any ETH sent to the bonding curve to buy FEI would now be allocated to the EthPCVDripper that points to the EthReserveStabilizer, which helps to reinforce the $0.95 price floor on FEI.

The code for this proposal is here: https://github.com/fei-protocol/fei-protocol-core/pull/98 

Access Control changes:
* Grant Minter to the new EthUniswapPCVDeposit contract (0x5d6446880FCD004c851EA8920a628c70Ca101117) 
* Grant PCVController to the new RatioPCVController contract (0xfC1aD6eb84351597cD3b9B65179633697d65B920)
* Revoke Minter from the old EthUniswapPCVDeposit (0x9b0C6299D08fe823f2C0598d97A1141507e4ad86)

FIP-5 Update Bonding Curve Allocation

Fei Protocol

FEI uses a new kind of stablecoin mechanism called direct incentives. It is more capital efficient, has a fair distribution, and is fully decentralized. The protocol uses the value it controls to maintain liquid secondary markets.

Market Cap	$118.39m
	$0.26
Fully Diluted Valuation	$260.2m
	$75,833
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	$19m

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