This proposal is expected to appear on Snapshot for voting on 2021-07-19T12:00:00Z . Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
- Proposal to whitelist TRIBE (TRIBE), activating single-sided exposure and protection from IL.
- Proposed co-investment of 200,000 BNT
- TRIBE is an extremely liquid token that has no apparent security concerns that might jeopardize whitelisting
- Fei Protocol is a highly legitimate project backed by some of the biggest names in Crypto
- TRIBE will not add major risk to the Bancor Protocol
Contract address: 0x514910771af9ca656af840dff83e8264ecf986ca
Project Website: https://fei.money/
FEI is a scalable and decentralized stablecoin that leverages protocol controlled value (PCV) for peg maintenance while maintaining highly liquid secondary markets. Fei Protocol consists of two tokens, the first being FEI, the stablecoin, and the second being TRIBE, the governance token, governing the PCV currently valued at $519 million.
Fei Protocol has developed technical and security improvements multiple times after launch such as running consistent fuzzing campaigns with ConsenSys Diligence and the code is currently undergoing another full audit by OpenZeppelin.
[ Token Distribution ]
TRIBE’s IDO was one of the seminal events of DeFi in 2021, and correspondingly, TRIBE has an almost unrivaled diversity of token distribution for such a new project. TRIBE boasts 11,462 holding addresses , and intense activity amongst its governance process. In fact FIP-1 and FIP-6 of TRIBE were defeated with massive turnout and by tight margins, proving the meaningful diversity of ownership and opinions of TRIBE holders.
Amongst the top 10 holding addresses, the largest holder represents non circulating DAO treasury. In the case of”Uniswap V2 FEI-TRIBE”, it represents the 5-year time locked tokens held by the core team and investors. Other significant holders include the staking rewards distributor contract. For all intents and purposes the above addresses do not vote, nor do they presently have any liquidity. Furthermore, the contract “Fei Protocol: Staking” represents a large number of different owners who have staked their tokens in the official liquidity mining incentives program.
[ Tokenomics ]
TRIBE total supply is fixed at 1,000,000,000, with just under a quarter currently circulating. The team and investors are time locked for 4-5 years, ensuring their commitment to the long term wellbeing of the project. Staking rewards for the FEI-TRIBE LP would only be released over a 2 year period. Any disposition of the DAO treasury (currently non-circulating) would require DAO voting to go forward.
[ Community and Communication ]
Fei Protocol has an active and passionate community of over 10,000 users centered on Discord Discord and Wechat,
We have an active Github, source code: Fei Protocol · GitHub
Ethereum addresses contracts, Contract Addresses - Fei Protocol
audits both procedural and smart contract focused, Audits: https://docs.fei.money/audit
An updated version of the protocol is currently undergoing another audit
[ Token Security ]
FEI Protocol complies with both the administrative and technical requirements of whitelisting at Bancor. TRIBE has seen extremely robust DAO action and community voting is firmly in charge of the direction of the protocol. The multi-sig controlled “Guardian Protocol” as outlined by the white paper has only been used once to pause an exploited functionality and has since been upgraded and fixed per DAO voting subsequently.
TRIBE token contract is not upgradeable, nor could anybody except for the holders themselves burn their own tokens. TRIBE supply is fixed at 1 Billion. Though mentioned in the white paper, the emergency inflationary buyback is not currently implemented, since FEI currently has a collateral ratio of over 275%, it is very unlikely it will ever happen. TRIBE’s token transfer can’t be paused and isn’t subject to any transfer fees or burn penalties during buying or selling.
FEI Protocol has been the subject of multiple professional audits by premier firms such as Open Zeppelin and ConsenSys Diligence, and subject to further extensive auditing throughout its security updates.
FEI Protocol also maintains an active bug bounty program which offers up to $1M for critical vulnerabilities to the smart contract. Our bug bounty program has been already successful in preempting major losses to protocol value. 
You can read about the audit specifics in the references below   
[ Benefits to Bancor ]
Enabling TRIBE IL protection and single sided exposure with a 200,000 BNT co-investment would generate a considerable amount of volume and publicity for Bancor. FEI and Bancor’s dedicated and robust communities can in turn add to each other’s exposure and utility. Whitelisting TRIBE will also pave the way for a future Bancor 3.0 integration with the FEI stablecoin, facilitating the use of a truly decentralized stablecoin.
[ Market and Trading Data ]
- TRIBE’s price at the time of writing is $0.5905
- All-time high: $3.26 (Apr 04, 2021)
- All-time low: $0.58 (Jun, 28, 2021)
- 248,364,400 tokens in circulation
- 1,000,000,000 maximum supply.
- The current market capitalization is $148,151,795.
- The 24-hour spot volumes range from $289,668 (Uniswap v2) to $32,216 (Gate.io).
- The TRIBE token is available on various exchanges, including Uniswap V2 (FEI and TRIBE are the 1st and 2nd most liquid pairs on Uni V2), Gate.io, CoinEX, Hoo, MEXC
[ References ]
 Fei Protocol