Tribe

What is Tribe (TRIBE)?

TRIBE serves as a governance token associated with the FEI algorithm-driven stablecoin. This innovative project aims to provide a decentralized alternative to the stablecoin market, where existing stablecoins are either fiat-collateralized (centralized) or crypto-collateralized (capital-inefficient).

Some algorithmic stablecoins face problems related to liquidity and stability, or they concentrate benefits for those who hold the right to create new coins. The FEI model, which resembles a fractional reserve-based central banking system, releases FEI tokens at a discounted rate in exchange for ETH during its initial genesis. The collected Ethereum serves as a reserve to preserve the peg. TRIBE tokens enable users to engage in governance decisions or exchange them for FEI through a UniSwapV2 liquidity pool.

You can also get TRIBE tokens at their current value on Bybit, Bitrue, CoinW, BTCEX, and BingX.

TRIBE Founders and Their Background

As a decentralized autonomous organization (DAO), Tribe is governed by its community through smart contracts. The stablecoin FEI, governed by the DAO, was established by a group of individuals from the Bay Area, including Joey Santoro, Brianna Montgomery, and Sebastian Delgado. The initiative kicked off in March 2021, and Fei Labs received support from prominent venture capital firms like Andreessen Horowitz and Coinbase Ventures.

TRIBE Crypto's Unique Features

FEI recognizes the limitations of crypto-collateralized stablecoins and the "mercenary capital" phenomenon as major barriers to creating a truly decentralized stablecoin. FEI introduces the concept of protocol-controlled value (PCV) to address these issues. The Tribe DAO issues FEI at a subsidized rate for Ether during its launch, creating a treasury of Ether. A portion of this Ether, along with newly minted FEI, is supplied to an ETH-FEI liquidity pool on Uniswap, enabling stablecoin trading. Stability is maintained through an incentive system that encourages arbitrageurs to act when the price of FEI deviates from the peg.

Tribe Network Security

Both TRIBE and FEI are ERC-20 tokens on the Ethereum blockchain. The network is governed by a DAO with community-controlled roles such as governor, minter, burner, PCV controller, and guardian. Ethereum, a popular choice for DAOs, employs a proof-of-work consensus mechanism that requires miners to mine new Ether while decentralized nodes validate transactions and secure the blockchain.

Tribe briefly halted trading after its public launch to address a security breach that could have allowed attackers to withdraw a significant amount of ETH from the ETH-FEI Uniswap pool. The issue was resolved without any harm done to the project.

TRIBE Crypto Pros and Cons

Pros:

• Innovative, decentralized stablecoin solution
• Incentive system for maintaining peg stability
• Strong backing from reputable VC funds
• Community-governed through a DAO

Cons:

• Relatively new project with potential security concerns
• Dependence on Ethereum blockchain, which faces scalability issues

TRIBE Crypto Review

TRIBE crypto offers a promising decentralized stablecoin solution that addresses the limitations of existing stablecoins in the market. With strong backing from VC funds and a community-governed model, the project has the potential to make a significant impact on the stablecoin landscape.

Our security review also found that there is a mint function on the smart contract. There is also a hidden owner detected on the contract, as well as a function that lets the owners of the contract modify and manipulate its users' balances on the wallet.

Although these features appear to be functioning as designed and should be okay as of the moment, they may pose potential security risks down the line. We believe it's essential for you to be informed about their existence and assess your own personal risk tolerance for this project if you do decide to invest in it.

Is TRIBE Crypto a Scam?

There seems to be no evidence to suggest that TRIBE is a scam. The project has a team that is constantly working on the project, with reputable backing and has demonstrated its commitment to security by addressing potential vulnerabilities.

But like any investment in and outside the crypto sphere, it is crucial for potential users and investors to consistently conduct their own research (DYOR). Evaluating the project, its team, and its objectives will aid you in determining and balancing the associated risks prior to committing any funds to the project. The presence of scams in the crypto world highlights the importance of these practices in avoiding poor investment choices.

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