Summary
Execute a DAO swap with Fei Protocol for $2m TRIBE at a 30-day time-weighted average price.
Motivation
Rari was one of the first protocols to partner with Olympus a few months ago, through the integration of sOHM/gOHM on Fuse. Rari recently merged with Fei protocol and now forms one of the biggest protocols in the ecosystem. We want to further align our two communities as we believe there are many positive sum outcomes to be had from formalizing a partnership.
Proposal
Execute a $2M TRIBE-OHM DAO swap at a 30-day-time-weighted average price.
Olympus to put up a proposal to take in FEI as a Treasury reserve asset, capped at a maximum of 10% of FEI circulating supply. As always, these bonds would be managed independently by Policy.
Fei protocol to buy FEI bonds up to the point where OHM represents 1% of the Protocol-Controlled Value. Today, this would amount to $6.6M worth of OHM held by Fei protocol. Note that the 1% cap could be further increased in the future through a governance vote from Tribe holders.
Both the Olympus exposure to FEI and the Fei exposure to OHM are represented as maximums. The expectation could be around proportionality up to the max i.e. 0.5% OHM in Fei PCV ~= 5% FEI in Olympus Treasury
Olympus Treasury to allocate funds in Fuse while fully respecting Treasury allocation guidelines approved by the community (OIP-73).
Olympus to explore new use cases & yield opportunities enabled by Turbo
Polling Period
The temperature check process begins now and will run for at least 5 days. After this, a Snapshot vote will be initiated and open for at least 48 hours.
Links:
Proposal on Fei's forum: https://tribe.fei.money/t/fip-79-olympus-dao-fei-partnership/3939
Fei PCV: https://app.fei.money/analytics
Turbo:https://medium.com/fei-protocol/the-tribe-dao-strongly-believes-that-a-healthy-and-thriving-defi-ecosystem-needs-a-robust-platform-b1faea700dfa