Fei Labs’ Community Vote Delegation Policy

The overarching mission of Fei Protocol is to create the stablecoin for DeFi. Fei has been a DAO since day 1 and has always leaned on decentralization as one of its strongest differentiators. Community members carry every protocol-level change through multiple stages of discussion, a signal vote, and finally, an on-chain vote.

We care about the involvement of our community and want to raise the voices of the most qualified and committed community members. Fei Labs will delegate TRIBE to these contributors to encourage the formation of groups of engaged voters that will strengthen Fei's governance process.

Vote delegation takes place when the owner of a token transfers the voting or governance rights of that token to another address without transferring the token itself. This document outlines our criteria for selecting delegates from the community, as well as our terms to empower them to vote independently and enable a “strong” form of delegation.

Selecting Delegates

The following qualities are sought in delegate candidates:

Independence: integrity and credibility of delegates are critical for the legitimacy of Fei Protocol’s governance process.

Expertise: delegates should have expertise in DeFi and the stablecoin space to make informed decisions about governance proposals.

Commitment: demonstrated alignment with Fei Protocol’s mission to create a sustainable, decentralized and scalable stablecoin

Diversity: ability to bring new perspectives to ongoing governance discussions and constructively engage the wider community through the governance process

Given these criteria, we expect that core contributors to protocols with which Fei is closely integrated, researchers and diversity advocacy groups in the space, current Fei community members and university blockchain clubs will be an excellent fit for delegations.

Delegation Terms

Fei Labs will delegate votes to the community under the following terms:

• Each delegation will last for 1 year. After 1 year, renewal will be considered based on the delegates voting frequency, potential conflicts of interest, and the quality of their stewardship.
• During the delegation, the delegate will participate in the governance process and vote independently.
• Delegations will be revoked before the delegation period ends if the delegate becomes inactive. Inactivity is defined as voting in less than 1/3 of the DAO votes during the time the delegate held their delegation. For example, if there have been 9 governance votes since you received your delegation, you will be defined as active if you have voted in at least 3 of them.
• Delegates can request a gas stipend to cover the cost of voting.
• Delegations will be publicly disclosed.

Over time, we would like to delegate 50M TRIBE to the community under these terms.

Other Delegation Policies

While the above policy applies to Fei Labs community delegations, Fei Labs also delegates to its employees and investors under various conditions. These conditions differ based on the fact that employees and investors have their own tokens locked up and subject to a vesting schedule.

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