The spelling of the word "Festeye" is based on its pronunciation. In phonetic transcription, it is written as /fɛstaj/. The first syllable "fes" is pronounced with the short "e" sound, followed by a consonant blend "t" and "s". The second syllable "tay" is pronounced with the long "a" sound followed by a consonant "j". The final "e" at the end of the word is silent. Therefore, the correct spelling should be "Festaj" without the silent "e."