Fei Protocol is a decentralized finance algorithmic stablecoin designed to offer a technological middle ground between strictly overcollateralized decentralized options and centralized custodial stablecoins. The system operates using two digital assets: the FEI stablecoin and the TRIBE governance token.

The protocol aims to create a fully decentralized and capital-efficient stablecoin. It leverages the value under its control to support liquid secondary markets and generate yield for the protocol itself.

Launched in December 2020, the project quickly gained attention within the cryptocurrency sector. This interest led to a $19 million venture capital investment in early March 2021, with participants including Andreessen Horowitz (a16z), Coinbase Ventures, Nascent, and Framework Ventures.

Although the initial mechanism experienced some peg stability issues, the protocol recovered in the months after its launch via various governance upgrades. Fei v2 is planned as a significant system upgrade scheduled for late 2021. According to the team, it will include 1:1 redeemability of FEI against protocol reserves, TRIBE buybacks and backstop mechanisms, and algorithmic management of protocol-controlled value.

Joey Santoro, Brianna Montgomery, and Sebastian Delgado established Fei Protocol. The decentralized stablecoin platform went live on March 31, 2021.

Santoro serves as the founder of Fei Protocol and CEO of Fei Labs. With a background in crypto and software engineering, he previously worked as an engineer at Okta Inc, a firm assisting businesses with digital identity management. He earned a computer science degree from Duke University in 2019, where he also acted as a research assistant and co-president of the local Blockchain Lab.

Montgomery leads business operations for the project. Before joining Fei, she held a business lead position at ConsenSys, a blockchain studio developing on Ethereum. Her career includes similar roles at tech firms such as Coriant, DefenseStorm, and nCino. She holds 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. His professional history includes over two years as a software engineer at the DeFi project Dharma Labs, along with a longer tenure in the same role at Uber. He graduated from UC Berkeley with degrees in computer science and cognitive science.

High-profile venture capital firms including Nascent Capital, Andreessen Horowitz, and Coinbase Ventures, as well as internet celebrity guru Naval Ravikant, provided backing for the project.

As a stablecoin, Fei does not have a fixed maximum total supply. Instead, tokens are minted or burned in response to demand. By October 2021, the circulating supply had surpassed 600 million.

FEI is a freely tradable token listed on several exchanges, primarily decentralized ones given the protocol's specific focus. Platforms that trade FEI include:

You can also purchase or sell FEI directly via the Fei Protocol website. Available trading pairs feature Ethereum, Tether (USDT), and other coins.

Always conduct your own due diligence before committing funds to any crypto exchange.