Announcing BRIBE — a Cross-chain Liquidity Protocol for Algo Stablecoins
Following our previous article about Fei stablecoin, we propose a community-based project, BRIBE, a cross-chain farming and liquidity protocol that brings super-powered utility to FEI and enhance DAO governance. The protocol and Bribe DAO will expand the support to multiple algorithmic stablecoins in the future.
Problem: The challenges in stabilizing FEI stablecoin
We iterate the challenges of FEI that we analyzed in our previous analysis.
· Excessive supply — $1.3 bn of supply but the real demand is much less
· No exit liquidity — To move FEI out of FEI-TRIBE-ETH loophole into the larger DeFi world, a heavy penalty is enforced
· Insufficient arbitrage opportunities — only front-running bots with large capital can make a profit
· Limited use cases — with FEI people cannot do most of the things that they use DAI or USDC on.
· Lack of faith in the community — A majority of FEI holders came to the genesis event only in search for free money without an interest in the project’s long-term growth
· Missing proper governance — The governance process is not transparent and lacks on-chain governance methods. Community’s voice is not heard.
What is Bribe Protocol
To address the above pain points of FEI and TRIBE, we create BRIBE — a cross-chain protocol to bring liquidity, utility, and aggregate governance rights to FEI holders. In the future, BRIBE will outreach to multiple algo-stablecoins and become the one-stop shop for using every algo-stablecoins. BRIBE introduces the following utilities to help the community super-charge their FEI holdings and participate in on-chain governance. Governed by the native $BRIBE token, community and DAO members will earn a share of protocol fees and take an active role in the future of Bribe Protocol.
Liquidity Farming
Bribe Protocol provides liquidity farming pools for FEI holders. At the initial stage, farming pools will be deployed on Ethereum. Users can stake FEI, BRIBE-ETH or FEI-BRIBE Uniswap LP tokens to farm $BRIBE token. This serves as the initial liquidity bootstrapping and price discovery. As liquidity accumulates, FEI can be easily moved around multiple Uniswap trading pairs and accumulates farming rewards, thus increasing demand and reducing selling pressure.
Cross-chain Teleportation
As the liquidity and community members grow, BRIBE farming pools will expand the service to multiple Layer-1 chains such as BSC, Fantom, and Layer-2s, the choices of which will be determined by the community. BRIBE will integrate cross-chain bridges to help users move their funds freely across multiple chains. BRIBE token holders will earn a share of the cross-chain operation fees.
On-chain Governance
$BRIBE token holders will govern Bribe Protocol in every possible aspect, including protocol fees, reward distributions, cross-chain deployment plans, treasury spending, etc. Bribe will use https://snapshot.org/ to make on-chain governance decisions.
We understand that many Bribe community members are at the same time FEI genesis participants holding $TRIBE. There is a vote delegation feature in $TRIBE token, which means $TRIBE holders can delegate their voting rights to a trusted third party. Contingent on Bribe governance voting, Bribe community will set up a Tribe voting delegator to aggregate the voting power of individual $TRIBE holders. If Bribe community with sufficient Tribe voting rights delegation reaches a consensus on FEI protocol governance decisions, we can make the vote as a whole, magnifying the voting power of every individual $TRIBE holders. We aim to make an influence on FEI protocol through collective governance.
Expansion to Multiple Algo Stablecoins and More Use Cases
Contingent on governance voting, Bribe protocol will provide liquidity mining rewards and cross-chain teleporting services to other algo-stablecoins, such as BAC, FRAX, RAI. This will improve the influence of algo-stablecoin community as a whole and bring more people to Bribe community.
Bribe will develop lending products to let users take out loans with algo-stablecoins. Loans will significantly increase the demands and utility of algo-stablecoins. Furthermore, with the loans users can participate in yield farming protocols such as Yearn to magnify the yield. The fees of lending products will be distributed to $BRIBE holders. Bribe treasury will reward community strategists who design the best lending and other categories of DeFi protocols with algo-stablecoin integration.
In essence, BRIBE is a long list of things, including but not restricted to:
BRIBE is a compensation for FEI genesis group who lost faith in the “biggest fund-raising event in DeFi”
BRIBE is a token started off as a meme but evolved into a community-owned project, and will continue to make progress.
BRIBE is what makes illiquid assets liquid again.
BRIBE is building a strong community in holding, exchanging and using (un)stablecoins.
BRIBE is a firm supporter of algorithmic (un)stablecoins.
BRIBE is changing the way people interact with algorithmic (un)stablecoins.
BRIBE is constantly bringing values to all algorithmic (un)stablecoins by expanding the utilities and communities.
BRIBE is a firm believer of decentralization and fair launch.
BRIBE is an indispensable component in the future of finance, where currency sovereignty must be owned by the majority through decentralized governance.
And the most importantly…
BRIBE is announcing an airdrop for all FEI genesis participants!
Announcing $BRIBE Airdrop and Tokenomics
$BRIBE token has total supply of 10,000,000. The breakdown for $BRIBE distribution is:
70% for farming incentives
10% for airdrops
10% for the DAO treasury
10% for the team
Airdrop Details
600,000 tokens (6% supply) will be airdropped to Fei Genesis participants upon the launch of BRIBE. Among these, 40,000 tokens (4%) will be distributed to people that pre-swapped any amount of FEI to TRIBE. 20,000 tokens (2%) will be distributed to the rest who committed ETH but did not pre-swap.
100,000 tokens (1% supply) will be airdropped to BRIBE Discord OG members and social media promoters upon the token generation event of $BRIBE. Please finish all the tasks in this Google Form to earn a share of the airdrop. Spots are limited. First come first serve.
200,000 tokens (2% supply) will be reserved for future airdrop campaigns when cross-chain farming pool launches. The date and airdrop criteria is yet to be announced.
Initial Farming Pools
Fair launch is at the heart of Bribe community. 10% of total supply (1,000,000) will be distributed during the first month after the project launches. 3 farming pools will be rewards with different amounts of $BRIBE token within the first month.
FEI Pool — 150,000 $BRIBE / 30 days
FEI-BRIBE Uni LP Pool — 250,000 $BRIBE / 30 days
BRIBE-ETH Uni LP Pool — 600,000 $BRIBE / 30 days
Farming Rewards Schedule
Protocol Fees
FEI single-token farming pool charges 1% fee in $FEI upon withdrawal. The withdrawal fee is charged to ensure long-term growth of Bribe Protocol. 90% of the fee will be used to buy back and burn Bribe token from Fei-Bribe Uniswap pool. Buyback operation is scheduled once per week to create a constant buying support for Bribe price. Therefore every Bribe token will become more valuable over time. Team will announce the transaction details to make this process transparent to Bribe Community. 10% of the fee will be spent on operational costs of the project, including technology, media campaigns, community rewards and so on.
The LP farming pools will not incur any fees. In the future, protocol fees for cross-chain farming pools, cross-chain bridges and lending products will be determined by Bribe DAO governance.
Final Words
Algo stablecoins are an essential component of DeFi ecosystem. Bribe is the first liquidity protocol that brings cross-chain utilities to algo stablecoins. Bribe is owned by the community. Bribe will promote solidarity among algo stablecoin holders and envisions a future where algo stablecoins will arrive at full utility and true decentralized governance.
#BribeStrongTogether
#HodlTheBribe
Be sure to follow our Twitter for updates! https://twitter.com/bribedefi
And join our Discord community server https://discord.gg/nTB9Rt5h22
