TRIBE is another issuer of stablecoins
I am sure that most readers are hearing about this crypto for the first time. Indeed, in the coinmarketcap rating, it is located somewhere between 280-320 places and is not particularly noticed in the media space. Nevertheless, I paid attention to her.
Tribe (TRIBE) is a DeFi management token of the Fei Protocol project, which issues a decentralized algorithmic dollar stablecoin Fei USD (FEI). The binding of the FEI to the dollar is provided by TRIBE and ETH. The Fei Protocol is built on the Ethereum blockchain, and the TRIBE and FEI tokens are tokens of the ERC-20 standard.
Perhaps the collapse of UST and Terra has severely undermined someone's faith in algorithmic stables and discouraged the desire to contact them. I still believe that this is a promising direction for the development of crypto. And such projects as Maker, Tron, Waves, Tribe, etc., creating stables, are moving in the right direction 😁
FEI ranks 85th in the Capa rating by capitalization. As for its stability, judging by the graph, it looks no worse than other algorithmic stables.
Figure 1. FEI price for the entire period
When launched in the spring of 2021, there was a failure, it seems, due to an attempt to hack the protocol, and then it stays close to the stated $ 1.
The project has strong seed investors: Coinbase, a16z, Framework Ventures. In total, 250 million TRIBE tokens were sold in the seed round and on the public sale (25% of the maximum issue), on average, presumably at $ 0.007 apiece (calculated from several sources, exact unambiguous information could not be found). At the current TRIBE price of $ 0.16, the project made x23 from sale.
Tribe has a strong community of developers - for the last month that I have been watching it and at the time of publication of the article, it is in the TOP 5 in terms of activity on GitHub. Also, in addition to the Fei Protocol, the TribeDAO ecosystem includes the landing site Rari Capital.
As I said above, the idea of algorithmic stables seems attractive, and the projects that produce them are attracted accordingly. I have TRON, WAVES in my portfolio, and recently bought some TRIBE, sending them to the venture investment section. This note is not financial advice, but just a description of my experiments in the market 🙂
If anyone knows interesting details about Tribe, write a comment.
https://coin-signal.com/cryptonews/tribe-is-another-issuer-of-stablecoins/
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