Summary
Seek authority from the community to conduct a pilot deposit into Tribe Turbo using $1.5M worth of gOHM.
Motivation
As Olympus continues strengthening its partnership with Fei Protocol, our DAO has been selected to be part of Tribe Turbo’s first cohort of users. As we aim to provide as much value as possible to all of our close partners, Treasury believes conducting a pilot deposit into Fei Protocol’s new dAPP aligns well with this goal.
Specifications
Tribe Turbo uses a novel architecture on top of a Fuse pool called the “Turbo Pool”. Supported collateral types can borrow (issue) FEI (USD stablecoin) at 0% interest through “Turbo Safes”. The Turbo Safe ensures that the borrowed FEI is subsequently (atomically) deposited into a yield strategy of the user’s choosing. For Olympus, this means we would use gOHM as collateral to borrow FEI and earn a yield on our position by depositing it back in FeiRari Fuse pool.
Risks:
Tribe Turbo being a new protocol, depositing funds into it, especially as a first cohort participant, has its fair share of risks. However, considering that Turbo is built on top of Fuse, most of its mechanics have already been battle-tested for a while now. Nevertheless, Treasury recommends starting with a pilot deposit of $1.5M to account for the unknowns.
Proposal
Stake $1.5M worth of DAO OHM
Deposit into Tribe Turbo and borrow at a maximum of 20% LTV ($300K FEI)
Any further deposit increase would need to go through another community approval
Links:
https://medium.com/fei-protocol/the-tribe-dao-strongly-believes-that-a-healthy-and-thriving-defi-ecosystem-needs-a-robust-platform-b1faea700dfa
https://snapshot.org/#/olympusdao.eth/proposal/0x00fd601fd700678a9d6b7e484e742ccbbcf2f7f27c6d8f2814e9ba547d0a0f1b
https://snapshot.org/#/fei.eth/proposal/0x8fc10a0d66829e7e78b41a72d542adf7720f92b747a083400d77656744169907
