About

Fei Protocol is a decentralized finance (DeFi) platform that offers a stablecoin called FEI, which is backed 1:1 by the DAI stablecoin. The platform provides various resources and tools such as an app, documentation, and governance mechanisms for its users. Fei Protocol is not currently under development, and users are advised to withdraw any funds from Tribe DAO-related contracts. The company also offers a community forum and Discord channel for users to engage with each other.

History

Launched in April 2021, Fei Protocol is a decentralised stablecoin protocol with a dual token model; FEI is the algorithimic stablecoin, and TRIBE is the governance token. The direct incentives mechanism was used to ensure FEI maintains its dollar peg, before the team innovated protocol controlled value (PCV) as the replacing mechanism. With PCV, the liquidation risk often found in debt and seignoirage stablecoin models is replaced by the price volatility of PCV's assets. The PCV contains majority ETH, and other decentralized stablecoins.