This proposal would add a [Fei-[3Pool]] Metapool onto the Curve UI.
Abstract:
Fei is a decentralized, scalable algorithmic stablecoin collateralized by the ‘Protocol Controlled Value (PCV)’. It aims to be the stablecoin for DeFi. By moving away from IOU deposit-type debt commitments, Fei’s dollar peg is maintained by a reweighting mechanism using the PCV for stability. According to Coingecko’s Stablecoin Rankings, Fei currently is #11 with Mcap of over $360M.
Motivation:
After Fei’s rocky start after launch in April 2021, the project is now at peg and most issues resolved. Fei Protocol will now pivot to growth and integrations are key to success, after successful integrations with Pickle and Rari Capital’s Fuse pool.
Curve is the destination for stablecoin exchanges and for ensuring liquidity to other stablecoin assets. Defi Pulse ranks Curve at #2 with over $7B TVL. This will be a fantastic opportunity for Curve and Fei to work in synergy. Fei’s presence on Curve will also bring additional stability due to the deep liquidity markets and will allow greater adoption and use cases for both parties. This integration is anticipated on Fei’s governance forums with broad support for this proposal.
In addition, Fei is currently revamping its TRIBE incentives for Curve and other upcoming integrations and will incentivize the Fei metapool. Fei is also committed to deploying a sizeable chunk of the PCV to bootstrap liquidity.
While the pool does not currently reach the volume specified for listing, Fei believes that the incentives will boost trading and liquidity; other prerequisites have been satisfied. Fei Protocol has been audited by OpenZeppelin and Consensys Diligence.
As you say, Curve is the right place to integrate FEI into as Curve has turned into a staple integration for stablecoins.
Indeed this is where the rather large PCV (currently around $510mln) comes into play, it can easily offer enough liquidity to bootstrap a possible Fei metapool.
Casting another YES vote, I feel like FEI and Curve are basically made for each other. Bootstraping this pool should pose no problem and is sure to benefit both protocols
FEI will only become stronger over time and I’d love for Curve to be part of it.
I would love to see the FEI-3Crv pool on the UI! The pool already has over $1m in liquidity without being on Curve’s UI. I’m sure the Tribe will be interested in allocating incentives towards this pool to help include it among the ranks of other popular metapools, as well as deploying protocol owned assets into the pool.
As an OG Curve user/supporter and member of the Fei Core team, I vote yes, as I would like to see FEI-3Crv pool on the UI and to open the discussion with our communities about incentives and the deployment of protocol assets to the pool.
Would love to see this happen. Curve is a fantastic place for Fei be. Fei has the ability to offer high amounts of stable liquidity for users to utilize.
As Joey has said, the pool already has a significant amount of liquidity. Adding it to the official UI will give this pool more easy access, and would be of great benefit to both curve and the tribe.
As consistently one of the top liquid eth/stablecoin pair and over all top token pair on uniswap v2 plus with more plans to integrate with uniswap v3 being currently discussed; i do think this integration is yet another natural extension!
We, the Fei Protocol community would like to signal our intent to resubmit sCIP #42 with a new snapshot for all to vote. We intend to add a new reply using the same proposal template when the snapshot goes live.
This is because we have now activated our ‘TribalChief’ rewards contract (based on Sushi’s MasterChef) which allows us to redistribute TRIBE rewards to various staking streams to quickly incentivize specific liquidity pools.
As we strongly believe that Curve is one of our critical pathways to success, we have decided to incentivize our FEI-3CRV metapool by diverting 50% of the original rewards stream allocated to FEI-TRIBE. Note that we are also including single-sided TRIBE staking on Rari when their rewards system goes live so the final distribution is a 3-way split among the 3 pools above.
Just wanted to add a few things for the Curve community to consider :
The Fei Metapool has been redeployed using the v3 factory, it is now at address 0x06cb…e1655 (and on Curve UI) with over 90M$ liquidity thanks to our new incentives.
I can’t speak on behalf of the whole community, but I think there is a great partnership potential here between the Curve and Fei community. The metapool is just the first step.
On a short term perspective, I expect the trading volume will be sustaining in our metapool, because the other main liquidity source for FEI is the FEI/ETH Uniswap v2 pair. So, when the ETH price moves, it creates an arbitrage opportunity between the price of FEI in the metapool & on Uniswap. This is good for fee collection of veCRV holders, and good for Fei protocol because it will hold FEI closer to 1$.
On a longer term perspective, when you release a factory for pools of non-pegged assets (like tricrypto), Fei Protocol will have the power to move its PCV there to provide liquidity between FEI and a lot of other tokens, creating trading volume & fees for veCRV holders, and improving the liquidity of FEI.
There would also be interest in the Fei community to acquire CRV and vote-escrow them to participate in meta-governance. We already invested in DPI (deposit 1 and 2) and INDEX, which is a proxy for voting using DPI’s tokens (UNI, AAVE, MKR, COMP, …). But that would require smartwallet whitelisting, which we can discuss in a separate thread.
We are resubmitting a proposal to list a [Fei-[3Pool]] Metapool onto the main Curve UI.
What has Changed?:
Fei Protocol has been building continuously with the successful execution of deployment of PCV assets on Lido stETH, and further asset accumulation with DPI, INDEX, RAI being our latest acquisitions. However, our core objective does not change, which is to become the stablecoin for DeFi.
Posting here while I wait for separate post to be approved
Summary:
Proposal to add FEI + 3Crv Factory Metapool to the Gauge Controller to enable users to assign gauge weight and mint CRV.
Motivation:
Fei Protocol is a stablecoin platform which has been live since April, 2022. Circulating supply is over 700M, with the FEI-3Crv metapool being among the largest factory pools at over 200M TVL.
This TVL is incentivized by TRIBE, without a gauge. Adding a gauge would drive further TVL and utility to the Curve ecosystem and align incentives for deeper integration with the Tribe ecosystem.
