• Issue Time


  • Total Supply

    1,000,000,000 TRIBE

  • Circulation

    455,015,530 TRIBE

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Tribe is a governance token for the FEI algorithm to stabilize coins. Fei aims to provide a new decentralized solution for the stabocoin market. Existing stablecoins are either legally collateralized and therefore centralized or crypto-collateralized, making them capital inefficient. Other algorithmic stablecoins do not have the liquidity to support pegs, which makes them inherently unstable or concentrates rewards on seigniorage stakeholders. FEI proposes a model designed similar to a fractional reserve central bank, in which the protocol is issued at a subsidized price for ETH IN its genesis event, followed by the use of Ether generated as Treasury to maintain the peg. TRIBE is the DAO's governance token, used to control FEI governance, and can be used for governance proposals or to exchange FEI in the UniSwapV2 liquidity pool.

Fei sees the capital inefficiencies and "hired capital" phenomena of crypto-secured stablecoins as major obstacles to the design of fully decentralized stablecoins. The former means that more money must be deployed than can be brought into the system, which by design limits the growth potential of systems using cryptographically supported staboins. In addition, tokens like DAI are plagued by liquidity providers who are always looking for the best yield and, as a result, have limited autonomy.

FEI introduced the concept of product control value (PCV). The Tribe DAO that manages staboins issues FEI at the subsidized rate at its launch to generate a Ether pool for its Treasury. Tribe then provided a portion of that ETH with freshly minted FEI in the ETH FEI liquidity pool on Uniswap to enable stablecoin trading. While users can buy FEI from the Tribe DAO, they cannot sell FEI back to it and must sell FEI on the open market. Stability is maintained by an excitation system. If the FEI price exceeds the peg, arbitraggers can sell ETH to the Tribe DAO and then sell their FEI on Uniswap to generate a profit.

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