Fei Labs is developing the Fei Protocol, a capital-efficient decentralized stablecoin that mints FEI by selling tokens directly to users rather than requiring users to stake collateral. The protocol tweaks ERC-20 behavior and uses direct incentives—taxes or boosts on certain transactions, initially on Uniswap liquidity pools—to help maintain a $1 peg. Fei holds assets as “protocol controlled value,” which can be deployed elsewhere such as secondary markets or yield-generating projects, and governance decisions (including adding new buy-in assets) are to be made by TRIBE token holders. The team positions FEI as a reserve-backed stablecoin that aims to combine advantages of existing systems while avoiding perceived problems like Tether’s opacity and MakerDAO’s heavy governance and over-collateralization. The project’s white paper and mechanics (including incentivized ETH/FEI pools and potential TRIBE inflation mechanisms) are described in the article. Fei Labs disclosed a $19M raise from institutional and angel backers as it approaches a planned genesis launch on March 22, when users can post ETH to receive FEI and early participants will be incentivized with TRIBE.

Total raised

$19M

Funding rounds

1

Latest round

Equity

Latest activity

Mar 2021