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Fei v2 is coming!

News from the TRIBE Coin Development team on November 4, 2021

Fei v2 is a massive upgrade to the protocol and highlights:

  • Scalability: 1:1 redeemability on-chain using transparent reserves to scale with demand
  • Stability: Algorithmic PCV management to maintain healthy reserves
  • Decentralization: Having a fully decentralized PCV is core to Fei
  • Capital Efficiency: Balancer v2 brings simultaneous liquidity and yield generation
  • Incentive Alignment: TRIBE holders are rewarded for effective PCV management

December 15th Fei v2 Launch

The main components of Fei v2 launch on December 15, including a completely redesigned webapp for users to interact with the protocol! New protocol features include:

  • Streamlined 1:1 Redeemability: A new contract offers FEI redeemability for both ETH and DAI at $1
  • TRIBE Backstop: Recapitalize using TRIBE if the protocol dips below the target reserve ratio (100%)
  • TRIBE Mint Cap: Capped TRIBE annual inflation
  • PCV Guardian: A trustless way for the Guardian to move PCV in times of need

Early Release for Buybacks

To get started, we will launch the TRIBE buybacks pilot program this Friday, which is one of the most exciting additions to the protocol.

The Tribe voted overwhelmingly for a 20% APR buyback plan. This will put TRIBE holders on a path to more engaged governance participation by taking on the risk and rewards of the PCV performance.

TRIBE Buybacks are designed with Balancer v2 LBPs to efficiently and continuously auction newly minted FEI for TRIBE. At the moment, with the PCV Equity in excess of $840M USD, we are looking at over $170M+ in TRIBE buybacks, for the first year.

Continued Rollout

To minimize technical risks, Fei v2 will continue to undergo a staged deployment as we monitor performance and audit the protocol.

The final major feature, algorithmic PCV management, will launch following Balancer’s release of the managed pools, scheduled for the first quarter of 2022.

Fei v2 Timeline

We are excited to release Fei v2. Join the Tribe and become part of our journey!

Follow us on Twitter and join our Discord to get involved! 🌲

Fei v2 is coming! was originally published in Fei Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.

Source     #TRIBE Price

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