What is the FEI Protocol? FEI Protocol (TRIBE) is a Blockchain project that aims to solve the problems of fiat and crypto-based stablecoins in-house. In this article, you can access the answers to frequently asked questions such as what is the FEI Protocol, what it offers, what is TRIBE coin, how to get it, what is it used for. As Kriptokoin.com , we have compiled it for you. Let’s examine the project together.
What is the FEI Protocol?
FEI Protocol is a Blockchain project built on the Ethereum blockchain, which describes itself as a “DeFi-driven, decentralized and scalable stablecoin protocol”. Managed by a DAO, the project operates in a two-token structure. The first of these is the FEI, an algorithmic stable coin indexed to the dollar. The second is TRIBE coin, the native cryptocurrency of the platform. The protocol aims to solve the problems it sees in stable coins at FEI.
The FEI Protocol uses the protocol controlled value (PCV) mechanism to accomplish this. Accordingly, PCV is a Blockchain model that is widely used in DAO treasuries and insurance funds. With this model, the protocol allows the FEI to be traded close to the ETH/USD pair. Thus, the project creates a highly liquid stablecoin ecosystem.
What is TRIBE coin? What is it used for?
TRIBE coin is a token that works as the native cryptocurrency of the FEI Protocol. The maximum supply of the token created with the ERC-20 smart contract on the Ethereum Blockchain is capped at 1 billion. The token is used by the Tribe DAO, which manages the protocol. Accordingly, the most important use case of TRIBE coin is governance.
TRIBE coin holders; It can join the DAO, which determines all protocol-related decisions, such as assigning smart contracts, determining the scale target. DAO participants have voting rights in decisions taken in all areas of the protocol. In addition, they can submit proposals for exchange to the community.
At the time of writing, TRIBE coin had a market cap of around $265 million and was the 183rd largest cryptocurrency. In addition, 453 million TRIBEs were in circulation, 45% of the maximum supply.
What are the advantages?
- TRIBE coin is listed by many major cryptocurrency exchanges, including Binance.
- Being built on Ethereum and its limited supply can cause its value to rise over time.
- It also offers liquidity for the FEI stablecoin pegged to ETH/USD.
What are the disadvantages?
- There are many Blockchain projects in the decentralized finance (DeFi) space that offer services similar to the FEI Protocol. Tribe can stay in the shadow of its competitors over time.
How to get FEI Protocol TRIBE coins?
Users who want to buy TRIBE coins must first find a cryptocurrency exchange where the token is listed. Accordingly, crypto exchanges such as Binance, Huobi Global, Crypto.com, Bybit and KuCoin list the token. Investors interested in the FEI Protocol project should be a member of one of these exchanges. After that, they can buy the token by depositing funds into their wallets.
