- Fei Protocol is merging with Rari Capital.
- Fei’s governance token, $TRIBE, will persist following the merger.
- Rari’s governance token, $RGT, will be phased out.
- During and after the merger, $RGT can be exchanged for $TRIBE according to their respective valuations.
- As $RGT is being discontinued, all further deposits to the pool should be prohibited by the DAO.
- As a precaution, $TRIBE deposits should also be suspended until after the merger has successfully completed.
- To disable deposits permanently on $RGT, and temporarily on $TRIBE, vote FOR this proposal.
- To allow both pools to continue accepting liquidity throughout the merging process, vote AGAINST.
- You may ABSTAIN to help reach quorum, without making a decision one way or another.
Two two DAOs have voted in favor of Fei Protocol absorbing the Rari Capital project. The process is described in detail both on the Rari Capital DAO Improvement Proposals page, and the Fei Protocol Discourse page.
On the Fei Protocol side, the proposal is officially recognized under the title “FIP-51”, although it was launched to Snapshot as “FIP-XX”. There are two follow-up governance decisions from the Fei community related to the merger, “Amendment 1 to FIP-51”, and “FIP-XX: GFX Labs Compensation”.
On the Rari Capital side, the relevant Snapshot decisions were the “Amended Fei-Rari Merger Proposal”, “GFX Labs Compensation”, “Hold 7-Day Discussion Period on Merger”, “Exchange Rate Amendment to the RGT/TRIBE Merger Proposal”, and “Extend Merger Timeline by ~4 Days to Allow for Sufficient Discussion and Voting of Amendments”.
A cursory review of these community votes suggests that the merger will indeed go ahead. The UI is already established, and the official Fei Protocol Twitter handle shared it on Christmas eve, and Rari Capital DAO announced via their Twitter handle that they consider themselves officially merged already.
The interaction between these two tokens is potentially problematic while $TRIBE slowly buys-out $RGT. Since $RGT will soon not exist, all future deposits to the pool should be disabled immediately. As a precautionary measure, deposits to the $TRIBE pool should also be temporarily disabled until the token merger has completed. For now, let the “completeness” remain undefined; a follow-up proposal will be issued in the near future to reactivate deposits on the $TRIBE pool.