Fei Newsletter
by Fei Protocol on October 29, 2021
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Welcome to the third issue of the Fei Newsletter, a community-sourced summary of the latest news in the Fei ecosystem. Here is what you can learn about in this issue:
- Liquidity as a Service (LaaS)
- TRIBE Buyback Program November Rollout
- First ever TribalChief and Rari integration to enable Single side TRIBE staking
- Protocol Activity and Updates
- Fei Improvement Proposals (FIPs)
- Community engagement
THIS MONTH’S TOP STORIES
Liquidity as a service (LaaS)
Joey provided us with a view of the current DAO liquidity offerings and pitfalls of existing models. Introduction of LaaS addresses some of these issues through Fei Protocol and Ondo Finance Unique Liquidity Vaults partnership. For a more complete product overview, check out our LaaS blog post.
TRIBE Buybacks are here!
Fei v2 is coming soon, with a phased implementation starting this November. Guaranteed $1 redemption (FIP-26) has further stabilized the peg, while validating the v2 redeemability concept as a go-forward peg mechanism. v2 aligns the interests of TRIBE and FEI holders through TRIBE buybacks and backstop program, a long-awaited community feature. Initial rollout of TRIBE buybacks is planned for early November, the rest of the functionality to follow.
Additionally, we are happy to say the pre-launch TRIBE buyback bug bounty is live on Immunefi.
Single sided TRIBE staking
The first ever integration of TribalChief with the Rari platform enables single-sided TRIBE staking. You can earn rewards by depositing your TRIBE either over on the Rari Capital Fuse Pool 8 website or directly through Fei’s TribalChief UI on the official Fei Website. So far engagement has been enormous, with over $100M TVL already.
Fei PCV passes 1 Billion Dollars
After increasing in value over some time, the PCV has reached a value of over 1 Billion dollars!
Migration Gas Refund
The one-time gas refund for the transition to the TribalChief TRIBE-FEI pool was sent out in six transactions. This sent 400 FEI to 1387 addresses totaling 554,800 FEI.
Governance Updates
Passed FIPs:
- FIP-31 Upgrade Governance Timelock. Upgrade to the security model of Fei.
- FIP-32 Pre-V2 Contract Upgrades. Contracts update to ensure a smooth transition.
- FIP-33 Swap between Balancer DAO and Fei DAO
- FIP-34 Optimistic Minter
OA the rate limited ability to mint FEI. - FIP-35 mUSD TribalChief Rewards. TribalChief reward stream for mUSD feeder pool of 100AP.
- FIP-36 LaaS In Partnership With Ondo
Liquidity as a service (LaaS) offering. - FIP-37 TRIBE buybacks
Initial Fei v2 rollout with TRIBE buybacks.
OA has passed the following transactions in October:
- Assisted the process for the gas refund
- Add 10M FEI to FeiRari
- Seed 1M FEI to NFTX Fuse pool
- Seed 1M FEI to G-UNI Fuse pool
- Add 2M FEI to Tetranode pool
Community Events
This month, Joey was on a panel in San Francisco at “Unlocking Trillions in Value” on Tuesday, October 26th.
We will be hosting a Tribal Gathering on Wednesday, November 3 at 7pm PT in our discord! We look forward to chatting with the community then! You can add the Tribal Gathering to your calendar here.
Crypto Social Media
https://twitter.com/corbpage/status/1448294284290109446
https://twitter.com/statelayer/status/1449136320585011204
Follow us on Twitter and join our Discord to get involved! 🌲
