Treibe launched on March, 31, 2021, on [UniSwapV2](https://coinmarketcap.com/exchanges/uniswap-v2/).

TRIBE and FEI are both [ERC-20](https://coinmarketcap.com/alexandria/glossary/erc-20) tokens on Ethereum. The network is governed as DAO and incorporates different roles: governor, minter, burner, PCV controller, and guardian. All of these are also community-governed. ERC-20 is a token standard most new tokens follow when publishing on the Ethereum blockchain. [Ethereum](https://coinmarketcap.com/currencies/ethereum/) is one of the most popular blockchains for DAOs and is secured by a [proof-of-work ](https://coinmarketcap.com/alexandria/glossary/proof-of-work-pow)consensus mechanism that requires miners to mine new Ether. A set of decentralized nodes validates transactions and secures the Ethereum blockchain. After its public launch, Tribe briefly stopped trading of the stablecoin to fix a security breach that would have allowed attackers to withdraw a significant portion of ETH from the ETH-FEI Uniswap pool. The breach was sealed before any damage was done.

The total supply of TRIBE is 1 billion. The current circulating supply of TRIBE is 415 million. 80% is distributed to the DAO, 15% to the team with a back-weighted time-lock of five years, and 5% to investors with a linear time-lock.

Fei identified the capital inefficiency of crypto-collateralized stablecoins and the “mercenary capital” phenomenon as the main obstacle to designing a fully decentralized stablecoin. The former implies that more capital has to be deployed than can enter the system, which by design limits the growth potential of a system using crypto-backed stablecoins. Furthermore, coins like [DAI](https://coinmarketcap.com/currencies/multi-collateral-dai/) suffer from liquidity providers always being on the hunt for the best yield and, consequently, have a limited scope of autonomy. FEI introduces the concept of product-controlled value (PCV). The Tribe DAO governing the stablecoin issued FEI at a subsidized rate for Ether at its launch to generate a pool of Ether as its treasury. Tribe then supplied a part of this ETH with freshly minted FEI in an ETH-FEI liquidity pool on Uniswap to enable trading of the stablecoin. While users can buy FEI from the Tribe DAO, they cannot sell FEI back to it but have to sell FEI on the open market. Stability is maintained through an incentive system. If the price of FEI exceeds the peg, arbitrageurs can sell ETH to the Tribe DAO and sell their FEI on Uniswap to generate a profit. If the price is below the peg, the incentives Tribe installed come into play. FEI buyers in the Uniswap liquidity pool receive a rebate to restore the peg, while sellers have to pay this rebate and an excess penalty to incentivize the peg to be restored. The further away from the peg the price of FEI has moved, the bigger the rebates and penalties, making it highly unprofitable for sellers to sell discounted FEI. Tribe can use its Ether reserves to buy back FEI and burn excess FEI to reduce supply as a last resort. Tribe merely acts as a governing body with the following functions: * Appoint Minter and Burner contracts (including new bonding curves) * Adjust Scale target and allocation rule on bonding curves * Adjust incentive time-weight growth rate * Percent reward for reweight peg restoration * Reweighting any of the peg Uniswap pools

Tribe is run as a [DAO](https://coinmarketcap.com/alexandria/glossary/decentralized-autonomous-organizations-dao), meaning its governed by its community in a fully decentralized manner through smart contracts. The Fei stablecoin governed by the DAO was founded by a team of Bay Area residents, namely Joey Santoro, Brianna Montgomery, and Sebastian Delgado and launched in March 2021. Santoro is the CEO of Fei Labs and was a software engineer at Okta Inc with a degree in computer science from Duke University. Montgomery, the project’s business lead, worked at ConsenSys, a blockchain studio, prior to being involved with Fei Labs. Delgado served more than two years at Dharma Labs, a DeFi project and graduated from UC Berkeley. Fei Labs is backed by several VC funds, such as Andreessen Horowitz and Coinbase Ventures.

[Tribe](https://coinmarketcap.com/currencies/tribe/) is the governance token for the [FEI](https://coinmarketcap.com/currencies/fei-protocol/) [algorithmic stablecoin](https://coinmarketcap.com/alexandria/glossary/algorithmic-stablecoin). Fei aims to provide a new decentralized solution to the stablecoin market. Existing stablecoins are either fiat-collateralized and, therefore, centralized or crypto-collateralized, making them capital-inefficient. Other algorithmic stablecoins suffer from no liquidity backing the peg, making them inherently unstable or centralize rewards to seigniorage stakeholders. FEI proposes a model similar in design to fractional reserve central banking, where the protocol issues FEI for a subsidized price against [ETH](https://coinmarketcap.com/currencies/ethereum/) at its genesis event and subsequently uses the incurred Ether as a treasury to maintain the peg. TRIBE is the governance token of the DAO controlling the governance of FEI and can be used in governance proposals or swapped for FEI in a [UniSwapV2](https://coinmarketcap.com/exchanges/uniswap-v2/) [liquidity pool](https://coinmarketcap.com/alexandria/glossary/liquidity-pool).