FEI vaults
About Fei USD
Fei USD was a decentralised stablecoin that used protocol-controlled value (PCV) to maintain its peg. It was governed by the Tribe DAO and backed by ETH and other assets in the protocol's treasury. The project shut down in 2022 and returned funds to holders.
Fei USD was a decentralised stablecoin issued by Fei Labs, which used a novel Protocol-Controlled Value (PCV) mechanism. Instead of relying solely on user-deposited collateral, the protocol itself accumulated assets (primarily ETH) in its treasury to backstop the USD peg.
Fei launched in April 2021 and raised approximately $1.3 billion in ETH during its genesis phase. In late 2021, Fei Protocol merged with Rari Capital to form Tribe DAO. In April 2022, the Fuse (Rari Capital) money market was exploited for approximately $80 million, severely damaging the combined protocol. After protracted governance disputes over repayment of hack victims, Tribe DAO voted to wind down in August 2022. FEI and TRIBE tokens were redeemable for protocol assets as part of the shutdown process.
The project is defunct. No further development or redemptions are active.
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