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Tribe (TRIBE) Price

TRIBE

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About Tribe (TRIBE)

The Fei protocol operates FEI, an algorithmically based stablecoin pegged to the USD. Unlike more traditional dollar-tracking assets like USDC, FEI is not secured via reserves of fiat currency. Rather, FEI’s supply is ultimately a factor of the token’s demand. New FEI is issued via a buy-only bonding curve that accepts deposits of ETH and other ERC20 tokens. 

TRIBE is the Fei protocol’s native currency. It’s a governance token; it represents voting rights in the Fei Protocol DAO, an autonomous and decentralized organization responsible for managing the protocol. TRIBE holders can currently vote on the addition of new bonding curves as well as the allocation of new or existing PCV, amongst other pertinent issues.

FEI manages deposited ERC20 funds though a unique concept known as Protocol Controlled Value (PCV).

Traditionally, most platforms have opted to control on-chain liquidity through a mechanism known as total value locked (TVL) in which users receive what amounts to an IOU and can withdrawal funds at any time. While useful in terms of initially attracting ample amounts of liquidity, protocols utilizing TVL must constantly upgrade their incentive base to keep funds on the platform. This puts decentralized finance (DeFi) projects at constant risk of a rug pull should these incentives/rewards suddenly dry up.

PCV seeks to address these issues through outright ownership of all funds locked onto the protocol. Per Fei Labs, this framework is said to offer more flexibility in terms of how on-chain liquidity can be deployed, including nonprofit-oriented efforts such as peg reweights and interest rate adjustments.

Upon launch, FEI allocated 100% of PCV (that is, deposited ETH tokens) to a Uniswap-backed FEI/ETH liquidity pool which serves as the stablecoin’s secondary market.  

Fei encourages traders to keep its eponymous stablecoin at a 1:1 peg though a series of “direct incentives”. In times when FEI is trading below this peg, the protocol incentivizes arbitrage opportunities via a series of mint/burn rewards.

In late 2021 Fei merged with fellow DeFi stalwart Rari capital in a bid to improve platform utility through the use of Rari’s decentralized lending/borrowing pools.

Who created TRIBE?

The protocol was founded by Joey Santoro, Briana Montgomery, and Sebastian Delgado. A 2019 Duke computer-science grad, Santoro was inspired to create FEI after the failure of fellow algorithmically backed stablecoin ESD. Santoro currently maintains a role as CEO of FEI labs while Montgomery serves as the lab’s business lead.

When was TRIBE created and how much was it worth?

Fei (the platform) and TRIBE were launched in early April 2021 following two separate rounds of funding in which the protocol raised nearly $19 million.

TRIBE hit spot markets at $2.21 before dropping all the way to an all-time-low of $0.39 in less than one month’s time. TRIBE has since struggled to gain any serious momentum, largely consolidating over the first quarter of 2022. 

How is the price of TRIBE determined?

TRIBE’s price in is part determined by the token’s deflationary nature. Upon its initial launch, 1 billion TRIBE were pre-minted, 20% of which were distributed to the public. Some 40% of the token’s total supply is currently controlled by the Fei Protocol DAO. Additional tokens will be released via the DAO in the form of grants and staking rewards.

Why does TRIBE have value?

Given the centralized nature of fiat backed stablecoins (such as USDC and USDT) and the scalability issues inherent in crypto-backed stablecoins like DAI, Fei protocol’s value derives from the platform’s vast liquidity and scalability. This, coupled with Fei’s “high fidelity” peg, could make the protocol an intriguing option in the medium to long term.

TRIBE’s worth is largely a factor of platform governance, which it helps to facilitate.These voting rights coupled with the token’s deflationary nature, arguably help to establish TRIBE’s “intrinsic value.”

What are the benefits of TRIBE?

  • “With Fei and Rari working together, making a DAO and launching a token will take only a few clicks, said Jack Longarzon, Rari Capital. “We will become the backbone of infrastructure for DAOs and enable them to spend more time building and less time worrying if their token is sufficiently liquid,” he said.
  • Fei’s Liquidity as a Service (LaaS) offering allows independent protocols to create liquidity for their native token  but without sacrificing/leveraging their own treasury, said Briana Montgomery, Fei Labs.
  • Per Jeff Amico, partner at a16z, Fei’s merger with Rari helped create “a new primitive to align incentives between web3 communities going forward.”

How to buy Tribe (TRIBE)

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