What Is Fei Protocol (FEI)?
Fei Protocol (FEI) is a DeFi native algorithmic stablecoin. Fei aims to propose a technological solution in a sweet spot between rigid overcollateralized decentralized stablecoin and centralized custodial stablecoins.
Fei Protocol runs on two crypto assets: FEI stablecoin and TRIBE governance token.
FEI is aimed to be a more capital-efficient and fully decentralized stablecoin. The protocol uses the value it controls to maintain liquid secondary markets and earn yield for the protocol.
The project was funded in December 2020 and immediately attracted significant interest in the crypto community. It resulted in a $19 million VC investment in early March 2021. Among the names that have entered this project are Andreessen Horowitz (a16z), Coinbase Ventures, Nascent and Framework Ventures.
There were some issues with the peg in the original mechanism, but through a series of governance upgrades, the protocol recovered in the months following launch.
Fei v2 intends to be a major upgrade for the system and will launch in late 2021. It features 1:1 redeemability for FEI against protocol reserves, TRIBE buybacks and backstop, and algorithmic protocol-controlled value management.
Who Are the Founders of Fei Protocol?
Fei Protocol was founded by Joey Santoro, Brianna Montgomery and Sebastian Delgado. The decentralized stablecoin platform Fei was launched on March 31, 2021.
Santoro is the founder of Fei Protocol and the CEO of Fei Labs. His background is in software engineering and crypto. Before Fei, he has been a software engineer at Okta Inc, a software company helping businesses manage digital identities. He graduated from Duke University, majoring in computer science in 2019, where he also has served as a research assistant and co-president of the local Blockchain Lab.
Brianna Montgomery is the project’s business lead. Before joining the Fei team, she worked as a business lead at ConsenSys, a blockchain studio, building projects on Ethereum. She had a successful career featuring similar roles in a few other tech companies, including Coriant, DefenseStorm and nCino. She has a magna cum laude degree in business administration, marketing and economics from the University of North Carolina at Wilmington.
Delgado is the third co-founder of Fei Protocol. His experience includes serving more than two years at a DeFi project Dharma Labs as a software engineer, and even longer at Uber in the same role. He graduated from the UС Berkeley with cognitive science and computer science degrees. The project was backed by several high-profile VC funds, including Nascent Capital, Andreessen Horowitz, Coinbase Ventures, and internet celebrity guru Naval Ravikant.
How Many Are Fei Protocol (FEI) Coins There in Circulation?
Fei is a stablecoin. Like with any other stablecoin, its max total supply is not capped. It will be minted or burned following the demand. Supply in October 2021 exceeds 600 million.
Where Can You Buy Fei Protocol (FEI)?
FEI is a freely tradable token, available on many exchanges, most decentralized due to the specific focus of the protocol. Exchanges trading FEI include Uniswap, 1INCH, Gate.io, and Ox.
Another place to buy or sell FEI is through the Fei Protocol website. Existing pairs include Ethereum, Tether (USDT) and other coins.