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What is TRIBE coin and how does it work?

by Financial Economy

Tribe coin is the ethereum-based coin of the FEI protocol, which is indexed to a fixed value of 1 dollar. Tribe coin is the main token that governs the feI protocol. TRIBE is minimized governance for peg maintenance, focused on upgrades and integrations. Detailed information about what is TRIBE coin and how does it work, how to buy, how much is the price, etc. is in the continuation of the content. For information about Unibright coin (UBT), you can check here.

What is TRIBE coin and how does it work?

Fei Protocol (Tribe) is a DeFi protocol that maintains an ETH-backed stablecoin and uses a dual token model. The FEI is a stablecoin that uses Uniswap LP as the official market and a stabilization mechanism called Protocol Controlled Value (PCV) to keep the FEI close to the dollar rate.

TRIBE is the platform’s management token and has the following use cases:

  • Liquidity mining: Users can contribute to Uniswap’s FEI-TRIBE liquidity pool to earn a share of DEX transaction fees. Note that this only applies to UniswapV2 liquidity providers.
  • Staking: Users can stake more FEI-TRIBE LP tokens in the Fei Protocol staking pool to earn TRIBEs in return. There is no lock on staked tokens.
  • Governance: Users can create and vote on governance proposals or delegate their voting powers to other addresses.

Where to buy Tribe? How much does TRIBE cost?

As of August 25, 2021, the price of 1 TRIBE coin is around $ 0.85. The total supply of Tribe coin is 1,000,000,000 and its circulating supply is 453,448,622. Tribe coin can be purchased from listed cryptocurrency exchanges. However, before trading, it is necessary to research the stock market well and choose a reliable / well-known cryptocurrency exchange.

Caution: The information contained in this content is for informational purposes only. It is not investment advice.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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