Exchange Rate Amendment to the RGT/TRIBE Merger Proposal

Voting ended about 4 years agoSucceeded

Forum discussion: https://tribe.fei.money/t/exchange-rate-amendment-to-the-rgt-tribe-merger-proposal/3777

Executive Summary

After soliciting feedback from various parties across multiple channels (forum, Discord, community call on 12/10), we would like to put forth an amendment that revises the RGT-to-TRIBE Exchange Rate to use a 7-day time weighted average price (TWAP) PRIOR to deal announcement on 11/16.

In an effort to align both communities and drive towards consensus, we also propose that RGT holders will assume the REPT-b repayment obligations and pursue a 7-day TWAP that is more favorable to TRIBE holders, rather than a 14-day TWAP originally endorsed by several RGT holders and mentioned on the community call. Please see “Proposal” section below for specific calculations.

Our goal is to revise the deal such that it becomes an acceptable compromise for all parties, even though not all terms are favorable to each respective community. We sincerely hope this can put to rest the major disagreements that have been voiced to date, and allow both RGT & TRIBE communities to come together and support the broader vision for a synergistic “Fei-Rari” combination.

Proposal

Change Section VIII. E and VIII. F of the merger proposal to reflect 7-day TWAP leading up to 11/16 deal announcement date (ethereum block 13582977 to 13628450):

RGT 7-day TWAP (ethereum block 13582977 to 13628450) is $41.0863 USD
TRIBE 7-day TWAP (ethereum block 13582977 to 13628450) is $1.2321 USD
Unadjusted Exchange Rate is calculated as 33.3465 TRIBE : 1 RGT

Adjusted RGT 7-day TWAP is defined as RGT 7-day TWAP adjusted down by the cost of REPT-b Repayment Obligations, equal to $41.0863 - $11,600,000/12,500,000 = $40.1583.
The final adjusted “Exchange Rate" is defined here as 32.5933 TRIBE : 1 RGT, equal to Adjusted RGT 7-day TWAP divided by TRIBE 7-day TWAP.

While this will be a combined vote for convenience, RGT and TRIBE votes will also be tallied separately to get a better sense for each communities’ penchant for this proposal

Off-Chain Vote

In Favor

12.93M 23.1%

Against

43.09M 76.9%

Download mobile app to vote

Timeline

Dec 14, 2021Proposal created

Dec 14, 2021Proposal vote started

Dec 15, 2021Proposal vote ended

Oct 26, 2023Proposal updated

Executive Summary

Proposal

Change Section VIII. E and VIII. F of the merger proposal to reflect 7-day TWAP leading up to 11/16 deal announcement date (ethereum block 13582977 to 13628450):

RGT 7-day TWAP (ethereum block 13582977 to 13628450) is $41.0863 USD

TRIBE 7-day TWAP (ethereum block 13582977 to 13628450) is $1.2321 USD

Unadjusted Exchange Rate is calculated as 33.3465 TRIBE : 1 RGT

Adjusted RGT 7-day TWAP is defined as RGT 7-day TWAP adjusted down by the cost of REPT-b Repayment Obligations, equal to $41.0863 - $11,600,000/12,500,000 = $40.1583.

The final adjusted “Exchange Rate" is defined here as 32.5933 TRIBE : 1 RGT, equal to Adjusted RGT 7-day TWAP divided by TRIBE 7-day TWAP.

While this will be a combined vote for convenience, RGT and TRIBE votes will also be tallied separately to get a better sense for each communities’ penchant for this proposal