Tribe
Crypto Overview
Overview
TRIBE is the governance token of the Fei Protocol, which was designed as an algorithmic stablecoin system. The protocol aimed to create a decentralized stablecoin called FEI that would maintain a stable value of $1 through novel mechanisms.
Intended Utility
TRIBE was designed to serve as a governance token, allowing holders to vote on protocol parameters and treasury management. Token holders could participate in decision-making regarding protocol upgrades, parameter adjustments, and resource allocation.
Actual Usage & Development
In August 2022, the Tribe DAO voted to wind down all protocol-controlled value, essentially ending the project. The treasury assets were distributed to token holders, and the protocol ceased active development. This represents a significant deviation from its intended long-term utility.
Token Distribution & Governance
The initial token distribution included allocations to the team, investors, and community. While the project maintained transparency in its operations and governance, the ultimate decision to wind down the protocol resulted in a distribution of remaining assets to token holders.
Technical Implementation
The protocol implemented smart contracts on the Ethereum blockchain, with code that was audited and open-source. The technical implementation itself did not involve inherently prohibited activities under Islamic law.
Crypto Impact
To assign a comfort level investing in Tribe from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Tribe.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.