FIP-24 Gas Refund For TribalChief Transition

Voting ended over 4 years agoSucceeded

Forum Thread:

https://tribe.fei.money/t/fip-24-gas-refund-for-tribal-chief-transition/3493

Executive Summary:

Give a 400 FEI gas refund to users that transition their FEI-TRIBE LP tokens from the Fei’s old staking system to the new TribalChief staking system.

Motivation:

Transitioning to the new TribalChief staking system brings many possibilities. But one major annoyance is the gas fees required to transfer funds from the old staking system into the new one. Giving a gas refund to users that transition to the new system would help ease this burden.

Specification:

The protocol implementation steps:

After the cutoff date (September 30, 11:59PM PST), a list of eligible gas refund recipients will be compiled (see below).
A total of (# of eligible users) * 400 FEI will be minted and sent to the Optimistic Approval (OA) multisig, along with 50 ETH for operational costs. Leftover ETH can be used to fund future multisig action gas costs.
The OA multisig will then initiate batches of multisend calls to distribute 400 FEI to each eligible gas refund recipient.

To become eligible for the refund:

A user must have >$1 worth of FEI-TRIBE LP tokens staked between August 1, 2021 and September 3, 2021.
A user must have at least the same amount of FEI-TRIBE LP tokens staked in TribalChief on September 30 at 11:59PM PST. To account for dust and other inefficiencies, users will still be eligible if they have at least 98% of the same number of FEI-TRIBE LP tokens staked.

Some implementation details:

There are slightly more than 2,000 addresses that can become eligible for the refund.
The refunds will be submitted in batches because Ethereum blocks are limited in size and 2,000 addresses is a lot of memory.
The advantage of refunding in FEI vs TRIBE is that price is more stable, so the refund better reflects the underlying gas costs. FEI transfers are also slightly more gas efficient.

Voting Rules

Voting will last 2 days and will have a quorum of 10M TRIBE.

This is a non-binding signal vote. Please keep in mind that snapshot votes can be changed but not withdrawn until the end of the voting period.

The two options for voting:

Yes give gas refund
No, do not give gas refund

Off-Chain Vote

Yes give gas refund

30.1M 100%

No, do not give gas refund

5.09K 0%

Download mobile app to vote

Timeline

Sep 08, 2021Proposal created

Sep 08, 2021Proposal vote started

Sep 10, 2021Proposal vote ended

Oct 26, 2023Proposal updated

Specification:

The protocol implementation steps:

After the cutoff date (September 30, 11:59PM PST), a list of eligible gas refund recipients will be compiled (see below).

A total of (# of eligible users) * 400 FEI will be minted and sent to the Optimistic Approval (OA) multisig, along with 50 ETH for operational costs. Leftover ETH can be used to fund future multisig action gas costs.

The OA multisig will then initiate batches of multisend calls to distribute 400 FEI to each eligible gas refund recipient.

To become eligible for the refund:

A user must have >$1 worth of FEI-TRIBE LP tokens staked between August 1, 2021 and September 3, 2021.

A user must have at least the same amount of FEI-TRIBE LP tokens staked in TribalChief on September 30 at 11:59PM PST. To account for dust and other inefficiencies, users will still be eligible if they have at least 98% of the same number of FEI-TRIBE LP tokens staked.

Some implementation details:

There are slightly more than 2,000 addresses that can become eligible for the refund.

The refunds will be submitted in batches because Ethereum blocks are limited in size and 2,000 addresses is a lot of memory.

The advantage of refunding in FEI vs TRIBE is that price is more stable, so the refund better reflects the underlying gas costs. FEI transfers are also slightly more gas efficient.