募資63.9萬ETH，Fei Protocol遭「白嫖鯨魚」砸盤後如何走出負循環？

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如何避免讓Fei協議陷入負循環，重點還是在於吸引新的資金進入PCV池子。

Source: The DeFi Way

Original Title: "Raising 639,000 ETH, Phenomenal DeFi Project FEI Falls Victim to 'Freeloading Whale' Price Manipulation"

Author: Overnight Porridge

At 3:00 AM Beijing time on April 4th, the decentralized stablecoin protocol FEI completed a 3-day Genesis Group phase. It is reported that this event raised a total of 639,000 ETH and minted 1.3 billion FEI. It also provided Uniswap with over $26 billion in liquidity. In terms of data, FEI's popularity has exceeded the imagination of most people, making it the largest algorithmic stablecoin project currently.

The reason why the FEI protocol attracted so much funds and attention undoubtedly lies in its rule design and the involvement of investment institutions.

According to the design, during the Genesis Group phase, participants who deposited ETH were allocated nearly equivalent Fei and proportionally distributed the protocol's governance token TRIBE (10% of the total supply). During the Genesis Group phase, participants could also choose to pre-swap the obtained Fei for governance token TRIBE. The higher the overall pre-swap ratio of participants, the higher the price at IDO, leading to the so-called "Freeloading Arbitrage" opportunity.

After securing a $19 million investment (receiving 5% of TRIBE governance token) from top investment institutions such as A16z, Coinbase Ventures, Framework, the attention on the FEI protocol began to skyrocket.

A few days ago, many, including the author, conservatively predicted that the FEI protocol could attract 100,000-200,000 ETH during the Genesis Group phase. However, under the guidance of industry giants like "Whale Freeloading Tutorials," the FOMO sentiment surrounding the FEI protocol was completely ignited.

"Freeloading Whale" VS "FOMO Whale"

按照設計規則來看，理論上鯨魚參與者（參與資金量超過1000 ETH）會更偏向於選擇「白嫖」參與方式，但實際的參與情況更為複雜一些，根據duneanalytics.com的統計數據顯示，在參與金額排名前70的鯨魚（投入超過1000 ETH）玩家中，採用梭哈（pre-swap比例達到100%）方式的參與者達到了15名（佔比21.42%），其中投入金額最大的一位鯨魚參與者，pre-swap了整整9999 ETH（金額達到2050萬美元）。

(數據來自：https://duneanalytics.com/tm1296/fei-eth-locked)

而白嫖鯨魚則占到了42位（佔比60%），他們奉行風險最小化原則，只為獲得Genesis Group階段的空投獎勵。

其餘的13名鯨魚參與者（佔比18.57%）則或多或少Pre-swap了一定比例的TRIBE治理代幣，其中排名第一的參與者投入了10031.88 ETH，並Pre-swap了5530 ETH。

截至目前，「白嫖鯨魚」多數已將獲得的TRIBE治理代幣兌換成了Fei，其中僅有少數已成功搶跑兌換成了ETH，其餘多數「白嫖鯨魚」則因為FEI協議的「燒傷機制」而被困在了Fei的「牢籠」內，他們目前正等待Fei回歸水上位置，時刻準備逃離。

反觀另一邊的「梭哈鯨魚」和「挖礦鯨魚」（準備參與流動性挖礦），儘管目前他們都處於「水下位置」（帳面虧損），但短期似乎並沒有逃離FEI協議的傾向。

很顯然，今日凌晨發生的TRIBE治理代幣暴跌一幕，正是「白嫖鯨魚」集體砸盤所致，這也符合此前的預期。

而根據63.9萬ETH參與資金，以及IDO那一刻Pre-swap的整體比例計算，參與者Pre-swap的買幣成本大約為3.2 美元，將空投的計算在內，則每個TRIBE治理代幣的成本大約為2.6美元。

截至目前，TRIBE治理代币的价格已回升至2.59 FEI，但由于FEI的价格仍在水下，Pre-swap比例较多的参与者整体仍处于亏损状态。

Fei如何回到水位線，之後又會發生什麼？

在經歷早期混亂的踩踏期後，參與者們對Fei演算法穩定幣的機制已有了一個初步的直觀認識，開發者設定的「直接激勵」機制會抑制參與者在低於0.99美元的價位賣出Fei，同時通過獎勵鼓勵套利者低價買入Fei，以緩慢將Fei拉回至水位線，而在這種機制無法奏效的情況下，Fei協議便會Reweights以動用PCV資金將Uniswap上的Fei穩定幣推回至1美元。