Executed

TIP-111: Increase FEI Stable backing to 90-100%


Proposal ID

663874...8888

Governor

Fei

Proposed

Jun 16th, 2022

Result details
Final Votes

Quorum

Pending

Majority support

Yes

For

32.95M

Against

0

Abstain

0

Actions

Type

Address

Details

Custom

0x221f...0179

withdrawRatioERC20(..)

Custom

Account

0x221f...0179

Method

withdrawRatioERC20(..)

Custom

0x6697...09E2

unstakeFromGauge(..)

Custom

Account

0x6697...09E2

Method

unstakeFromGauge(..)

Custom

0x221f...0179

withdrawRatioERC20(..)

Custom

Account

0x221f...0179

Method

withdrawRatioERC20(..)

Custom

0xc5bb...5b57

exitPool(..)

Custom

Account

0xc5bb...5b57

Method

exitPool(..)

Proposal

TIP-111: Increase FEI Stable backing to 90-100%

This on-chain proposal will perform the following actions :

  • Migrate stETH (Lido staked ETH) to a PCVDeposit where the Chainlink oracle is used to check for slippage, instead of a hardcoded 1:1 peg (the parameter for slippage check keeps the same behavior, but will tolerate a slippage vs the Chainlink oracle price, and not vs a theorhetical 1:1 peg).
  • Unstake all B-70WETH-30FEI from Balancer gauge, remove FEI/WETH liquidity from Balancer, burn the FEI, and move WETH to PSM

These actions are part of TIP-111 and will allow Guardian to perform actions to defend the FEI peg and continue to increase the stable backing (percentage of stable assets in the PCV).


Also contains code from FIP_104b: Withdraw all liquidity from the DPI LBP.

This FIP cleans up and finishes elements of the PCV reinforcement process snapshotted here: https://snapshot.fei.money/#/proposal/0x2fd5bdda0067098f6c0520fe309dfe90ca403758f0ce98c1854a00bf38999674
and discussed here: https://tribe.fei.money/t/fip-104-fei-pcv-reinforcement-proposal/4162 .

Specifically it:

  • Exits the LBP pool and withdraws all liquidity to the compound DAI deposit
  • Withdraws the DPI from the deposit to the TribalCouncil multisig, using the ratioPCVController
  • Deposits the DAI on the deposit into Compound
Final Votes

Quorum

Pending

Majority support

Yes

For

32.95M

Against

0

Abstain

0

Final Votes
Status

Thu Jun 16, 07:43 am

Published onchain

Fri Jul 8, 11:07 pm

Voting period started

Sun Jul 10, 06:27 pm

Voting period ended

Sat Jun 18, 01:42 pm

Proposal queued

Sun Jun 19, 02:15 pm

Proposal executed