What Is TRIBE Token (TRIBE)?

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Tokens are valuable units developed on top of existing blockchain networks. Tokens can represent assets that are either tangible (e.g., art, real estate) or intangible (e.g., data storage, processing power). Tokens can also be used in decentralized finance (DeFi) mechanisms, such as protocol governance to vote on parameters, which can influence the blockchain network.

This article will take you through the TRIBE token and all of its related specifics in order to help you decide whether this token will make a good investment for you.

First, let’s look at some basics.

What Is Ethereum? 

Ethereum is an open-source and fully decentralized computing platform built on blockchain technology. Using Ethereum’s network, developers can create cryptocurrencies and other digital applications such as TRIBE.

What Is the Tribe Token (TRIBE)? 

The Tribe token is the governance token of the Fei protocol. This protocol aims to maintain a liquid market in which its stablecoin, FEI, can trade close to the ETH/USD price. TRIBE holders can:

  • Vote on adding new bonding curves for new tokens
  • Adjust the price functions of existing curves
  • Adjust the Protocol Controlled Value (PCV) allocation for new incoming funding or existing PCV fees.

What Are Governance Tokens?

Governance tokens are special tokens that provide owners the ability to influence decisions pertaining to:

  • The core protocol (example: making changes in block size or inflation rate)
  • Product or feature road map (example: adding or removing features of a crypto asset) 
  • Team hiring and staffing
  • Changes in governance parameters on the blockchain network
  • Asset listings and risk parameters for money markets
  • Trade fees for decentralized exchanges

The aim of using a governance token is to proactively involve the blockchain community in core decision-making processes. The governance platform’s multi-signature smart contract feature also includes a time delay. This allows those who disagree with the decisions made to part ways with the protocol and tokens if they want to. Such a delay prevents administrators or malicious actors from introducing any changes to the protocol parameters without the community’s consent. At the minimum, it creates enough buffer time to escape the changes imposed.

Who Founded TRIBE? 

Joey Santoro, Brianna Montgomery and Sebastian Delgado initiated the Fei decentralized stablecoin platform. Santoro and Delgado are the founders and co-founders of Fei’s protocol. Santoro is the CEO and Montgomery the business lead at Fei Labs. With rich experience in the crypto space, the three co-founders make up the three main pillars of TRIBE and Fei Labs. 

TRIBE vs. FEI

As a governance token, TRIBE can influence decisions pertaining to the Fei protocol, which was launched in early 2021. Its goal was to create a reliable stablecoin that would bridge the gap between coins stabilized with fiat currency collateral, and those backed by crypto collateral. 

The Fei protocol runs on two crypto assets: FEI stablecoin (to maintain the peg) and the TRIBE governance token (to balance volatility). TRIBE holders have the right to vote on adjustments to the FEI stablecoin. Here are some important numbers to keep track of.

Price Live Data

The live Fei protocol price is $0.985676. The current CoinMarketCap ranking of Fei is #138, with a live market cap of $440,184,604 and a circulating supply of 446,581,347 FEI coins.

The live TRIBE price is currently $0.832789 and its CoinMarketCap ranking at time of writing is #230, with a live market cap of $377,626,883 and a circulating supply of 453,448,622 TRIBE coins.

Exchange Information

The top exchanges for buying Fei are currently ZT, Gate.io, BKEX, MEXC and Uniswap (V3).

The top exchanges for trading TRIBE include Binance, Huobi, Coinbase, KuCoin and ZT.

How Many TRIBE Are in Circulation?

The total TRIBE supply as of 2021 is 1 billion coins, and the total number circulating is more than 454 million TRIBE.

How Much is TRIBE? 

The current price of TRIBE is $0.880688, with an all-time high of $2.45 recorded on April 3, 2021.

How to Buy a TRIBE Token 

You can use a decentralized exchange, or DEX, to buy TRIBE coins. A good example of a DEX platform is PancakeSwap.

Here is how you can easily buy TRIBE:

Step 1: Get a wallet to store your TRIBE coins. Ideally, opt for a wallet that has a DEX platform integrated into it to avoid intermediaries in the transaction process.

Step 2: Search for TRIBE in the wallet.

Step 3: Add cryptocurrency assets to your wallet, either by transferring the currency from an external wallet or by buying new currency using your credit/debit card. 

Step 4: Connect to the DEX platform.

Step 5: Buy TRIBE tokens using the cryptocurrency stored in the wallet. You’ll be able to receive your TRIBE tokens instantly. They will be stored in the wallet until you decide to sell or exchange them.

How to Store TRIBE Tokens 

You can store TRIBE securely in both hardware and software wallets, such as the following: 

1. Ledger Nano S

Featuring an easy-to-set-up and user-friendly trading interface, Ledger Nano S can be used on both desktops and laptops. The device is lightweight and portable, and has been designed to support most blockchain platforms with a wide range of ERC20 tokens. Apart from supporting multiple trading languages, its built-in chip security also ensures that your tokens are stored safely in a fuss-free manner.

2. Ledger Nano X

A more advanced and secure version of Ledger Nano S, Ledger Nano X can be used on desktops, laptops and even smartphones/tablets with a stable bluetooth connection. Ledger Nano X has a larger screen and more storage space than Nano S. Nano X is also lightweight and portable, and comes with a built-in rechargeable battery.

3. DeFi Wallet

You can access all DeFi services under one umbrella using this wallet. It provides you with complete control of 100 different coins, and allows you to earn interest on more than 35 separate tokens. The DeFi Wallet provides users with 2-factor authentication (2FA), biometrics, and private keys encrypted on the device (locally) with Secure Enclave

 4. TrustWallet

Trust Wallet is easy to use, with a clean UI that caters to different categories of traders — beginners, intermediate and advanced. Its built-in security features ensure that your assets are safely stored. It comes with backup options that prevent cybercriminals from accessing your coins, while also granting you emergency access in case you lose your device or forget your password.

Is TRIBE a Good Investment?

Cointobuy.io gives TRIBE a 4.4 out of 10 in terms of safety (ranking it at number 129 out of 4,244 cryptocurrencies). It assigns a +157% expected return, with the price moving to $2.34. The dominant ranking factor for TRIBE is stated to be market cap. Taking the latest TRIBE value at $0.912195, the website has analyzed the daily prices of the coin for the past six months to determine the return on investment (ROI) that can be acquired from TRIBE in 2021. They predict that there’s a high possibility TRIBE can reach an all-time high value again in the not-too-distant future.

Market Realist states that the crypto is rising after it secured a listing on Binance and Coinbase, both of which are among the world’s largest crypto exchanges. This will help attract more investors toward TRIBE. The website mentions the possibility that TRIBE could reattain its $2.49 peak before the end of 2021. 

Closing Thoughts

As the blockchain industry evolves, so will the number of unique digital assets and tokens to meet the ever-increasing needs of blockchain network participants.

To summarize, the process of buying, storing and trading with TRIBE tokens is very simple. In addition, market analysis places a safe bet on the future value of this token. Trade confidently, but also trade carefully.

Disclaimer

This article is intended for and only to be used for reference purposes only. No such information provided through Bybit constitutes advice or a recommendation that any investment or trading strategy is suitable for any specific person. These forecasts are based on industry trends, circumstances involving clients, and other factors, and they involve risks, variables, and uncertainties. There is no guarantee presented or implied as to the accuracy of specific forecasts, projections, or predictive statements contained herein. Users of this article agree that Bybit does not take responsibility for any of your investment decisions. Please seek professional advice before trading.

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