Amendment 1 to FIP-51 : Amended FeiRari Merger Proposal
Motivation
The current Ragequit Mechanism has design flaws that increase the complexity of the code, relies too much on the CollateralizationOracle, and exposes the PCV to risks from ETH volatility.
Summary
This is an amendment to FIP-51 (Improperly titled FIP-XX): Amended FeiRari Merger Proposal. Make the following changes to Section IV-III:
One hour low water mark removed and replaced with hard-coded Ragequit price. Specifies that the Ragequit contract will be open immediately after the execution of the Fei DAO vote. Fixes a typo in the calculation of Intrinsic Value.
Specification
Replace Sections IV-III D-F of FIP-51: Amended FeiRari Merger Proposal with the following text:
D. Starting immediately after the execution of the Fei DAO vote, the Ragequit contract will be open for deposits of Tribe for three (3) consecutive calendar days; at the end of those three (3) days, any qualified actor will be able to call a function that redeems deposited Tribe for newly minted FEI at the Ragequit price as defined in Section F.
E. The Intrinsic Value of TRIBE tokens is determined by the total Protocol Equity (VIII.C) divided by the pre-merger TRIBE Circulating Supply (VIII.D). The Protocol Equity number is taken from Fei’s Collateralization Oracle.
F. The Ragequit price is determined by the Intrinsic Value of TRIBE 1 hour before the DAO vote. The Ragequit price will be hard-coded.
Links
FIP-51
Off-Chain Vote
For
36.8M 100%
Against
3.89K 0%
Timeline
Dec 12, 2021Proposal created
Dec 12, 2021Proposal vote started
Dec 14, 2021Proposal vote ended
Oct 26, 2023Proposal updated