• Proposal
  • OIP-109: Unwind the gOHM-Tribe DAO Swap

Summary
Unwind the TRIBE-gOHM DAO swap executed following FIP-79 approval.

Background
Olympus and Tribe entered into a strategic partnership with [FIP-79]. The terms of this partnership were:

  • a $2m DAO swap

  • Olympus to take in FEI as a reserve asset

  • FEI to take in OHM as a reserve asset, at a rate of 20% Olympus’ FEI holdings

The DAO swap was executed on March 22, $2m worth of each token based on a 30-day moving average (as stated in the proposal).

Olympus executed a $50m purchase of FEI through the FEI-DAI PSM on May 12 at the urgent request of the FEI team due to concerns over FEI’s peg.

A snapshot proposal ([FIP-107] was posted on May 21 and passed on May 24, recognizing the $10m obligation and assigning ETH as the asset to convert.

On June 13, it was made clear to Olympus contributors through a call with Tribe contributors that the $10m LBP would not occur due to changing views of PCV within the Tribe community (with a heightened emphasis on stablecoin reserves). This was met with understanding and taken in stride by the Olympus community.

At this point, the partnership was considered to be delayed indefinitely. Olympus unwound its FEI exposure between 6/14 and 6/17, swapping $50m FEI for $49.95m DAI through the FEI-DAI PSM.

FEI Protocol reimbursed the $50k PSM fee on 6/29.

Proposal
Our final step in concluding this saga is to unwind the TRIBE<>gOHM DAO swap. Tribe currently holds 577 gOHM [here], while Olympus holds 3,753,510 TRIBE [here].

Link to the proposal on FEI Protocol's forum: https://tribe.fei.money/t/fip-xx-unwind-the-tribe-gohm-dao-swap/4458

Should Olympus unwind the gOHM-Tribe DAO Swap

This poll has ended.
  • json replied to this.

    Fully for this as Tribe has proven to be untrustworthy on multiple levels (no follow through two times, first on 10m buy second on rari hack repayment). My only question is what do we do with the gOHM. What will the impacts be?

      A bit sad, but necessary imo

      The whole thing was ridiculous as this has played out.
      Completely unprofessional that Tribe did that. Further proving the point as to why most other projects won't partner with them going forward.
      I applaud Policy for taking the steps to immediately unwind the positions between 6/14 and 6/17.

      Shpadoinkal could be used to partially repay the pool 18 victims. Or I guess to patch up the $10mil loss by Olympus itself. Tribe made a mess.

      Disclaimer: I have stuck collateral in pool 18

        bouttreetreefiddy I would not assume these funds would do anything related to compensation. Assuming this would just go back into the LP but waiting on dao to confirm.

          Thank you for the write up. Impressive work from the Policy team as always.

          Shpadoinkal Yes, we have not yet discussed this but my assumption would be that it would go back to the DAO Wallet (Where the OHM came from initially).

          How is the unwinding going to happen?

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