FIP-68: Finalize Fei-Rari Merge

Status: Snapshot Voting

Authors: @JackL

Forum Post: https://tribe.fei.money/t/fip-68-finalize-fei-rari-merge/3877

Summary

Finalize Fei-Rari merge by repaying the REPT-B debt, setting an expiration date of August 1st at midnight GMT for the RGT to TRIBE swap, and ending the RGT Sushiswap rewards.

Motivation

The Fei-Rari merge promised a full repayment of the REPT-B debt within 90 days of the merge being executed. Now that we are a few weeks into the merge of both teams within the Tribe DAO, I would like to propose that we use a peg swap for REPT-B to FEI. Joey has written the code for this transaction and it will include REPT-B holders both on Ethereum and on Loopring. The repaying of the debt has already been approved, now we are determining and confirming the delivery method of these payments.

The merge also outlined the swap for RGT to TRIBE and gave a window of at least 180 days for token holders to do so. We are currently working on code that would allow for a fRGT to fTRIBE migration (for Fuse users in pools that share both assets). There will be a series of announcements prior to this migration happening. I propose that we set an expiration date for the swap of RGT to TRIBE using the exchange rate outlined in the merger of 26.7:1 to end on August 1, 2022 at midnight GMT.

The Rari Capital DAO is currently incentivizing liquidity on Sushi as outlined in RIP-2 (RIP-2 Discussion - Rari Governance Forums 3). Now that the merge is complete, I propose that we sunset this program as the DAO is continuing to spend resources on a liquidity incentive program that is meaningless with RGT not being utilized anymore. I believe It’s important to leave enough RGT for 1 more week of rewards if this vote passes. This will ensure that all current Sushi LPs are properly incentivized and have the ability to claim rewards. Disclosure: If this pool begins to decline in liquidity, it will affect the Chainlink feed and TWAPs that use the RGT price as an oracle.

Specification

Create a hard stop for the RGT to TRIBE migration of August 1st at midnight GMT, which is at least 6 months from now.

Deploy the code necessary to allow REPT-B holders to redeem for FEI.

End Sushi Pool2 rewards program.

Voting Options

The proposal will be a yes/no vote for both proposals. The voting options will be as follows:

1. “YES pay the REPT-B debt. NO, discuss alternatives.” If a NO, we will begin discussions on the forums again to determine a better delivery plan.

2. “YES, end the swap period in August. NO, don’t do anything.” If No, the swap period will last indefinitely and will not have a finalized ending period for the exchange rate.

3. “YES, immediately stop Sushi incentives. NO, don’t do anything.” If NO, RGT emissions will remain on Sushi.

Voting Rules

Non-binding signaling Snapshot vote. The options which pass both 10M TRIBE quorum and >50% approval will be enacted