Quick catch-up! Stablecoin project Fei Protocol launches its Genesis program tonight, everything you need to know is here

The decentralized stablecoin project Fei Protocol will launch its Genesis Group at 3:01 AM on April 1st, Taiwan time, lasting for three days. This will mark the first opportunity for retail investors to acquire its stablecoin FEI and governance token TRIBE.

New Algorithmic Stablecoin Protocol Fei Protocol

Fei Protocol is a new algorithmic stablecoin protocol with a reserve asset, which is more capital efficient compared to reserve-backed stablecoin protocols like MakerDao. It also addresses the problem of algorithmic stablecoins (DSD, ESD) easily getting stuck in a death spiral. Fei Protocol has received investments from several well-known institutions, including Andreessen Horowitz (a16z), Framework Ventures, Coinbase Ventures, AngelList founder Naval Ravikant, ParaFi Capital, and Variant Fund, making it one of the highly regarded decentralized stablecoin protocols in the market.

Fei Protocol Launches Genesis Group

Fei Protocol will launch the Genesis Group activation plan at 3:01 am Taiwan time on April 1st. Investors can use Ether to subscribe to the stablecoin FEI from Fei Protocol (this is a subscription, Ether cannot be redeemed), and the issuance quantity and exchange price of FEI will vary based on the amount of Ether participating (all participants have the same price). Additionally, the subscription price of FEI will be priced using a bonding curve, starting at $0.5 and capped at $1.1. The Ether raised will be used as the initial funding for the Protocol Controlled Value (PCV) on Uniswap. Furthermore, all successful subscribers of FEI will receive a proportional airdrop reward of TRIBE tokens.

Unlike FEI, the amount of TRIBE that can be obtained in the Genesis Group is fixed, specifically 10% (1 billion tokens) of the total TRIBE supply (10 billion tokens).

TRIBE Token Pre Swap

After successfully subscribing to FEI, investors can choose to participate in the pre-swap trading of TRIBE tokens. Users can decide how much FEI to exchange for TRIBE based on their own strategies and needs (as the number of subscribed FEI tokens will only be known after the Genesis period, Pre Swap is calculated in percentages rather than FEI tokens). Specifically, users can consider the following three investment strategies:

1. Not participating in Pre Swap, only receiving airdropped TRIBE tokens and exchanging FEI back to ETH after issuance. (Note exchange rate losses)
2. Exchanging 50% of TRIBE for future participation in the official TRIBE/FEI liquidity mining pool.
3. Holding all TRIBE tokens, going all-in without fear.

The price of TRIBE tokens under the Pre Swap mechanism will be calculated based on the participating funds, meaning the more funds participating in the TRIBE token exchange, the higher the token cost will be. Users do not need to rush into trading, as all participant token prices are consistent and uniformly released.

Lastly, both FEI and TRIBE will only be available for withdrawal on Fei Protocol after launch, and to maintain fairness, the official team will not disclose the subscription status of FEI and TRIBE during the process.