A Decentralized, Scalable, and DeFi-native Stablecoin Protocol
Fei Protocol is a protocol for stablecoin that is decentralised, scalable and suitable for DeFi. It addresses multiple issues regarding most stablecoins in existance today. Popular stablecoins such as USDC and USDT are fiat-collateralised and centralised stablecoins. This present a problem within the DeFi ecosystem since these stablecoins are exposed to the risks of regulations. Meanwhile, crypto-collateralised stablecoins such as DAI are facing issues of scalability due to capital inefficiency. FEI on the other hand, are based on sale on bonding curve. While many DeFi platform uses a Total-Value-Locked (TVL) model where users receive an IOU for their locked assets, Fei Protocol uses Protocol-Controlled-Value(PCL) where the protocol owns the locked assets.
FEI is the stablecoin in the Fei Protocol. However, the protocol itself is controlled by DAO, which itself is governed by TRIBE token holders. TRIBE holders have the rights to vote for changes in protocol, however the core value of having a decentralised stablecoin will not be changed. Users may stake TRIBE/FEI LP token to provide liquidity, and earn TRIBE as reward. The total initial supply of TRIBE token is 1 billion.
Variant, Coinbase Ventures, Framework Ventures, Andreessen Horowitz, ParaFi Capital, Nava Ravikant, SV Angel.