Launched in April 2021, Fei Protocol is a decentralised stablecoin protocol with a dual token model; FEI is the algorithimic stablecoin, and TRIBE is the governance token. The direct incentives mechanism was used to ensure FEI maintains its dollar peg, before the team innovated protocol controlled value (PCV) as the replacing mechanism. With PCV, the liquidation risk often found in debt and seignoirage stablecoin models is replaced by the price volatility of PCV's assets. The PCV contains majority ETH, and other decentralized stablecoins.