PoolTogether

Fei Partnership & Prize Pool!

Fei is a decentralized stable coin that has recently been added to Aave protocol on Ethereum! Because of this, it’s now possible for a Fei prize pool to be easily created. This would add a new decentralized stable coin to the V3 prize pools already used!

Fei protocol has reached out because they are interested in helping bootstrap the initial pool launch by providing additional Tribe (their governance token) rewards directly into the prize. The proposed amount is $100,000 over 10 weeks distributed as $10,000 in each week’s prize. The main idea is that distributing this into the prize (instead of as an APR) will incentive more organic usage of the Fei token and less large holders who are simply farming.

On top of this, we can also add “ptFEI” to our Fuse pool to help grow usage over there. Fei is currently already a large user of the Fuse protocol.

After the initial 10 weeks expires than POOL governance can vote POOL incentives for the Fei prize pool to continue it’s growth and usage.

  • Support launching a Fei Prize Pool
  • Oppose launching a Fei Prize Pool

0 voters

4 Likes

I’m wondering if it makes more sense to launch this as a V4 pool in a month. Nice that they are providing these incentives and love onboarding new communities but seems like launching it on V3 so close to V4 launch might not be opportune. Users who deposit and withdrawal will be hit with hefty gas fees which is off brand for no loss. I want to see any new pools be successful and for that reason I’m just wondering if it’s better to wait.

Benefits:

  • Onboard new users
  • Incentives provided by them.

Negatives:

  • User experience might not be as good pre-V4
  • Yield showing only 1% currently on Aave
  • Very small market on Aave
  • Gas costs

I am a soft no to launching now but a yes to launching once V4 is here and the onboarded users can be wowed by V4 UI and have a positive experience. Even if FEI is not used on other chains and it is technically a V3 pool it still seems more appealing to wait 1 month. Is FEI active on other chains?

2 Likes

Joey from Fei here!

A few questions for @leighton and @TheRealTuna:
What is happening with V4? Curious if waiting is the right approach.

If our DAO supplies some ptFEI, is there any way we can be excluded from elements of the prize so as not to disincentivize external participation?

Can we add FEI to the Fuse pool as well?

Regarding the yields on Aave, we’ll be adding 25m TVL and substantial borrowing incentives in a bit over a day from now, so those concerns shouldn’t be as big of a deal.

FEI currently is only officially on L1, but we’re working on Arbitrum, Polygon, and Optimism. Fei DAO would not be able to provide liquidity on other chains.

4 Likes

@joey
V4 will make Pooltogether multichain and make it accessible to smaller fish again. Ethereum gas is very prohibitive for no loss at this point. Not sure how far off your L2 stuff is for FEI but I think it’s probably better to wait and launch a V4 pool. Also better for us because we get to showcase a better product.

You could provide ptFEI as sponsored funds that are not eligible to win the price if you want to boost the prizes a bit.

Nice to hear the yields will be getting a boost!

2 Likes

So excited for this! Should definitely launch with v4.

1 Like

We are snapshotting the rewards on our side now! So far very high approval in the community: Snapshot

I think v3 makes more sense for FEI given most of FEI infrastructure is on ETH L1, including the Fuse Pools where we could include ptFEI. If Fei DAO contributing directly to the liquidity isn’t important, it could make sense to discuss v4

1 Like

Yeah, agreed. Waiting for V4 would mean a wait of months. I think launching with V3 now makes sense to start building traction! We can launch a V4 prize pool with Fei on other blockchains / L2s once Fei is there as well