FEI Protocol (TRIBE) is a native algorithmic stablecoin based on DeFi. The goal of Fei is to provide a technological solution that bridges the gap between inflexible, over-collateralized, decentralized stablecoins and centralized, custodial stablecoins. For this reason, it would be unfair to describe the Fei infrastructure as an absolutely simple project. The strength of Fei is that it is both a gap filler and different. The Fei protocol uses two cryptocurrencies: FEI stablecoin and TRIBE governance tokens.
What is The Purpose of Fei?
The purpose of FEI is to create a capital-efficient and decentralized stablecoin. The protocol uses the value it controls to create liquid secondary markets and independently generate revenue. The project was launched in December 2020 and has attracted a lot of attention in the cryptocurrency world. Andreessen Horowitz (a16z), Coinbase Ventures, Nascent, and Framework Ventures are among the companies investing in this project.
Initially, there were issues with the suspension of the mechanism, but through a series of governance updates, the protocol has recovered in the months since its launch.
Fei v2 is expected to be a major update to the system, to be released in late 2021. It provides protocol-driven value management for FEI based on protocol reserves, TRIBE buybacks, and 1:1 refundability against a backstop and algorithm.
Who Founded The FEI Protocol?
Joey Santoro, Brianna Montgomery, and Sebastian Delgado founded the FEI protocol. On March 31, 2021, the decentralized stablecoin platform Fei was founded.
Santoro is the inventor and CEO of Fei Protocol and Fei Labs. He has experience in software development and cryptography. Before joining Fei, he worked as a software engineer at Okta Inc, a software startup that helps companies manage digital identities. In 2019, he graduated from Duke University with a degree in computer science, where he was a research assistant and co-director of the Blockchain Lab.
Brianna Montgomery is the project’s chief operating officer. Prior to joining the Fei team, she was a business manager at ConsenSys, a blockchain company that develops Ethereum projects. She has held similar positions at several technology companies, including Coriant, DefenseStorm and nCino. Delgado earned her doctorate in business, marketing and economics from the University of North Carolina at Wilmington.
Delgado is the third co-founder of Fei Protocol. His experience includes more than two years as a software developer on the DeFi project at Dharma Labs and an even longer stint at Uber. He earned degrees in cognitive science and computer science from UC Berkeley. Leading VC funds such as Nascent Capital, Andreessen Horowitz and Coinbase Ventures have backed the company, as has internet expert Naval Ravikant.
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