Fei Genesis started on March 31, 2021, and so far more than 130,000 ETH is committed to us!
Do not miss your chance to become early adopter LINK
The Genesis Group is earliest Fei Protocol adopters — anyone who shares the vision of a new type of decentralized stablecoin. Participation in Genesis requires an ETH commitment to bootstrap Fei’s Protocol Controlled Value (PCV). Committed ETH will support the early stability of FEI by being sent to the incentivized ETH-FEI Uniswap pair as liquidity.
All of DeFi has inherent risks. Users should make appropriate considerations if participating in Genesis and utilizing the platform. We have executed high-quality security and functional audits of the platform code and continually perform thorough testing. However, many of the economic mechanisms implemented are entirely new. Participants in Fei Protocol Genesis should understand and believe in the long-term vision. We are a Tribe, collectively owning a decentralized reserve with incredible scaling and integration potential.
BUY FEI AND GET TRIBE GOVERNANCE TOKEN
Unlike FEI, the quantity of TRIBE the Genesis Group receives is static and set to 10% of the TRIBE total initial supply. With a total fixed supply of 1 billion TRIBE, 100 million TRIBE will be created and reserved for Genesis Group participants. This distribution is necessary to establish the most dedicated community members (those that supply ETH to the PCV) as the Fei DAO’s initial voting members as TRIBE holders. TRIBE governance is essential at launch to enable effective decentralized stewardship of the PCV.
Fei Protocol will be decentralized from its launch date, with the Genesis Group becoming stewards of the governance of the protocol. The Fei DAO uses the same code as the Compound DAO, which is well established and understood within the DeFi ecosystem. Minor parameter adjustments were also added to further support and enhance decentralized access to the entire on-chain governance process. For example, the Fei DAO has a lowered quorum threshold of 2% and a proposal threshold of 0.25%. This should allow for greater participation in governance and inclusive decentralization, as holders with lower voting power can initiate proposals than in other systems. For more information on Fei Protocol’s decentralized governance, please refer to our documentation on the Fei DAO.
Pre-Swap for TRIBE
Protective measures have been put in place to prevent front-running in the initial FEI-TRIBE liquidity pool. Fei Protocol allows users to elect to exchange their Genesis allocation of FEI for TRIBE directly from the pool. Users can pre-swap any percentage of their Genesis allocation. A pre-swap takes the FEI the participant will receive at Genesis and swaps it for TRIBE when the liquidity pool is initialized at launch. This will be the very first transaction on the pool. Because it is first, and atomic with the launching of the protocol, no bots can front-run the group without being a part of it. Fei Protocol users can adopt a number of strategies utilizing this feature. One strategy is to optimize for TRIBE ownership and governance participation by pre-swapping all purchased FEI for TRIBE. Another is optimizing for yield farming with a 50/50 split. Note that the FEI-TRIBE exchange rate could be volatile at launch, so users should follow their risk preferences when pre-swapping.
Pre-swapping is one-way. Users can only increase their pre-swap percentage. Note that any of the Genesis allocation used to pre-swap will still be entitled to the pro-rata portion of the Genesis Group TRIBE. Users will not sacrifice the initial TRIBE allocation by swapping their FEI.
A neat benefit of the pre-swap is that it only costs 70k gas, which is less than two-thirds the average Uniswap cost that a user would otherwise pay to swap!
Redeeming After Genesis
Genesis Group participants can claim their FEI and TRIBE rewards in the next block post-launch. When claiming, the user will receive a mix of FEI and TRIBE, depending on how much they elected to pre-swap. Participants can redeem rewards on our website once Genesis is over.
