FEI was a USD-pegged stablecoin designed around protocol-controlled value and direct incentives rather than conventional fiat reserves. After governance unwind activity in 2022, the product became a post-mortem stablecoin with redemption mechanics centered on a FEI-DAI wrapper rather than active issuance growth.
Key Data
| Backing | Protocol-controlled value originally accumulated through ETH bonding-curve sales and other protocol-owned assets; DAI liquidity in the post-shutdown SimpleFeiDaiPSM wrapper for 1:1 FEI and DAI minting or redemption if sufficiently funded |
| Redemption | The Tribe DAO shutdown-contract documentation describes SimpleFeiDaiPSM as an immutable wrapper designed to allow 1:1 minting and redemption between FEI and DAI, provided the contract is seeded with sufficient DAI. |
| Peg Currency | USD |
| Launched | 2021 |
Supported Networks
Cross-Chain Supply ($4M total)
Depeg History
| Date | Low Price | Duration | Cause |
|---|---|---|---|
| 2022-04-30 | $0.9000 | — | Launch-period liquidity and incentive-design stress after the Fei genesis event |
Use Cases
Overview
FEI was a USD-pegged stablecoin designed around protocol-controlled value and direct incentives rather than conventional fiat reserves. After governance unwind activity in 2022, the product became a post-mortem stablecoin with redemption mechanics centered on a FEI-DAI wrapper rather than active issuance growth.
Key Features
- Protocol-controlled value model
- Direct incentives intended to defend the peg
- TRIBE governance
- Post-shutdown FEI-DAI wrapper rather than active stablecoin growth
- Wound-down protocol with no verified ongoing development
Reserve Backing
Protocol-controlled value originally accumulated through ETH bonding-curve sales and other protocol-owned assets; DAI liquidity in the post-shutdown SimpleFeiDaiPSM wrapper for 1:1 FEI and DAI minting or redemption if sufficiently funded.
Supported Networks
Available on Ethereum.
Recent Activity
- 2022-04-30DepegLaunch-period liquidity and incentive-design stress after the Fei genesis event
Other USD Stablecoins
Profile compiled from issuer disclosures, regulatory filings, press releases, and financial media. Market and on-chain data sourced directly or via third-party providers. See methodology.