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Apr 3, 2021
Aug 19, 2022
Tribe price is $0,294817, վար -1.32% in the last 24 hours, and the live market cap is $134,305,880. It has circulating supply volume of 1,000,000,000 TRIBE coins and a max. supply volume of 1,000,000,000 alongside $105,463 24h trading volume.
TRIBE is the governance token of the Fei decentralized, algorithmic stablecoin protocol. The token was launched in March 2021 on Ethereum. The Fei Protocol was designed to provide a solution to decentralized stablecoins, which are either centralized or capital-inefficient. Instead, the Protocol aims to maintain a liquid market in which its stablecoin, FEI, can trade close to the ETH/USD price.
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Read on to learn everything you need to know about the Fei protocol and the TRIBE token.
TRIBE is the governance token for the Fei Protocol, while FEI is the stablecoin. TRIBE is an ERC-20 token that governs the protocol by ensuring its decentralization and updates. Holders of the TRIBE cryptocurrency can vote on the running of the Protocol, i.e., adding new bonding curves for new tokens, adjusting the price functions of existing curves, and the allocation for new incoming funding or existing PCV fees.
Fei is an algorithmic stablecoin pegged to the US dollar and is based on two ideas: Protocol Controlled Value (PCV) and direct incentives. As a decentralized and scalable DeFi stablecoin protocol, Fei algorithmically allocates assets in PCV to earn yield and provide liquidity. The protocol issues FEI for a subsidized price against ETH and then uses the incurred Ether as a treasury to maintain the peg. To manage the operations, the Fei protocol forms an FEI/ETH liquidity pool on the Ethereum-based decentralized exchange UniSwap. The exchange provides the stablecoin with a liquid secondary market. The Fei platform DAO (decentralized autonomous organization) controls the governance of FEI stablecoins.
TRIBE tokens are used for governance proposals and can be swapped for FEI via Uniswap. The stability of the FEI stablecoin is maintained through an incentive system. When the price of FEI goes up the peg, users can sell Ether to the Tribe DAO and FEI on Uniswap to make a profit. In this model, the protocol retains the user-deposited funds permanently and focuses on maintaining the peg and other essential tasks.
When FEI exceeds the target price, Protocol Controlled Value issues more FEI tokens to determine the difference. When the stablecoin is under the fixed price, PCV withdraws 99% of the protocol's liquidity from the pool to purchase FEI and keep the price stable. The rest of PCV is resupplied as liquidity, while excess FEI stablecoins are being burned.
Joey Santoro, Brianna Montgomery, and Sebastian Delgado co-founded Fei Labs in 2020 in San Francisco Bay Area. The team launched the protocol and the TRIBE DAO in March 2021.
Joey Santoro, the company's CEO, is specialized in computer science. Previously, Santoro worked as a software engineer at the identity management platform Okta and was the co-president at Duke Blockchain Lab. Brianna Montgomery, the business lead at FEI, previously worked as the business lead at smart contract security and audit company ConsenSys Diligence. Sebastian Delgado is a software engineer with experience in distributed systems and full-stack web development. Previously, he worked at Dharma Labs (acquired by OpenSea), a crypto wallet provider.
FEI stablecoins and TRIBE tokens were launched through IDO (Initial DEX Offering) via a direct listing and immediate liquidity of FEI-TRIBE on UniSwap. As an algorithmic stablecoin, FEI doesn't have max supply and was minted by the protocol at Genesis Period completion for the IDO. It was an interval during which early adopters pooled their Ether tokens.
The initial supply of TRIBE tokens was 1 billion. 10% of this number was proportionally allocated to the Genesis Group members. The majority of TRIBE, 40%, went to the DAO Treasury, 20% was listed at the time of IDO, 13% was distributed to the FEI core team members, 10% to staking rewards, 5% to investors, and 2% was kept for grants.
Several venture capital funds backed Fei Labs, including Andreessen Horowitz and Coinbase Ventures.
Unlike FEI, TRIBE price is volatile. It depends on various factors, including general market trends, development of the Fei protocol, supply and demand, etc. So far, the TRIBE price was at its highest level on April 4, 2021, when the token traded at $2.49. Tribe price hit an all-time low on July 20, 2021, trading at around $0.547699.
You will find out more about TRIBE price historical movements and live Tribe price following the chart on CoinStats.
TRIBE has a market cap of over $309 million, and 45% of the tokens are in circulating supply. FEI stablecoin has a market cap of over $424.8 million, and there are nearly 425 million FEI tokens in circulation.
The protocol achieves complete decentralization by letting TRIBE token holders vote on the Fei Improvement proposals through smart contracts. The community manages the Protocol Controlled Value, which presents all the unredeemable assets by users. Users can contribute tokens to Uniswap's FEI-TRIBE liquidity pool to earn the transaction fees yield and stake FEI-TRIBE tokens in the protocol's staking pool to earn rewards. The Fei protocol allocates assets in PCV algorithmically to provide liquidity.
There are several roles in the Fei Core that ensure the protocol's proper functioning:
-Minter - can mint tokens to any address
-Burner - can burn Fei tokens
-Controller - can move PCV in and out from their initial deposit
-Governor - can grant/revoke any role and present the proposal for the discussion in DAO
The project supports other DAOs by providing liquidity in exchange and lending markets by deploying PCV. The Fei Protocol also supports other DAOs by giving them access to something called Liquidity-as-a-Service (LaaS).
The Fei network is expected to upgrade in 2022 and merge with the yield generation protocol Rari Capital. With the upgrade, the combined protocols will use one token, TRIBE. The native token of Rari will be exchangeable for TRIBE, and development teams will continue cooperating.
Rari Capital DAO and Fei Capital DAO will work under the name Tribe DAO. The protocols will achieve an effective DAO-to-DAO partnership.
The merge aims to establish a liquidity accelerator. Fei DAO will provide stablecoins to lending markets on Rari Capital's Fuse and across DeFi to bootstrap markets and increase the liquidity of FEI stablecoins.
Rari's interest rate protocol Fuse will rely on FEI stablecoin as a liquidity engine, allowing users to receive income through any DeFi token.
Tribe Turbo will provide permissionless lending and decentralized stablecoins, and it will leverage Fuse pool's new architecture called "Tribe Pool." Users can provide collateral to the pool and borrow FEI stablecoins at a 0% interest rate. The protocol will automatically deposit the borrowed FEI stablecoins into a yield strategy based on the user's choice, allowing them to earn passive income.
Buying TRIBE tokens is possible on various cryptocurrency exchanges, including ZBCom, LBank, MXC, Binance, Uniswapv2, Bibox, Coinbase, Coinbase Pro, Binance, Gate.io, etc.
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