AIP - X: Continue TribeDAO (Fei Protocol) partnership

Hi everyone,

I would like to start a thead here to discuss a next step in our partnership between the Angle protocol and Fei protocol.

Fei Protocol (now TribeDAO, since we merged with Rari Capital in december) has been providing ~20M$ of liquidity between agEUR and our stablecoin FEI since december on Uniswap-v2. This was shortly after @sogipec reached to us on our forum: we love your protocol, and aim for a long-term partnership with you.

As most of you know, Angle migrated early this year to the new veANGLE tokenomics. With it came the deprecation of old staking rewards and the introduction of the new gauge system.

We have been working on smartcontracts on our side to use your new gauge system and vote-escrow our ANGLE tokens to veANGLE, and a Snapshot vote successfully passed on our side, but now we need your authorization to be whitelisted to do it, as the ANGLE to veANGLE locking is gated by a “smartwallet checker”, meaning smart-contracts can’t vote-lock their tokens unless authorized to do so by the Angle multisig.

The contract we intend to use to vote-lock our tokens will be immutable and will lock our ANGLE tokens for the maximum duration of 4 years. You can find the code for it here : AngleDelegatorPCVDeposit. This contract inherits multiple behaviors :

  • SnapshotDelegatorPCVDeposit will allow us to vote on your snapshot space by delegating the veANGLE voting power to an externally-owned account (mine, eswak.eth).
  • VoteEscrowTokenManager will our us to vote-lock our ANGLE to veANGLE, and refresh the lock duration to 4 years regularly.
  • LiquidityGaugeManager will allow us to stake our Uniswap-v2 FEI/agEUR tokens in your new gauge system. Should we migrate the liquidity out of Uniswap to somewhere else, we will also be able to use the new gauges you create. We will also be able to vote for certain gauges using our veANGLE, and plan to incentivize the pools containing FEI (only one for now).
  • OZGovernorVoter will allow us to vote on your Governor, now deprecated, but the feature will be here if you reintroduce one (after all, the contract is immutable, and 4 years is a long time).

The contract is not yet deployed on mainnet (polishing the last details of our pull-request), but I think in the mean-time, you can run a snapshot vote here to give us the green light ? If this proposal is refused by the Angle community, I should not bother deploying things on the mainnet :sweat_smile:

2 Likes

Thanks for the proposal! I personally think this is a good proposal, which is worth digging into. FEI has been a super early partner for Angle and having a locker to help FEI remain on top of what we have built over the last few months would definitely be worth it IMO.

How many ANGLE tokens do you guys have that you plan to stake as veANGLE 4 year lock?

160k ANGLE so far, the APR on agEUR-FEI Uniswap v2 LP tokens has been very low historically, so even with 20M$ of liquidity, we didn’t earn much (also rewards stopped flowing >1 month ago, and we have to migrate to the new gauge system, but with all PCV handled by smart contracts and it being a very low yield strategy, the priority was low and it took a while).