The Fei protocol is a native DeFi stable-coin based on an algorithm. Fei's goal is to advance a solution that, in addition to being technology-centric, focuses on a position between a decentralized hard coin and stablecoin.
Fei Protocol operates on two crypto assets: FEI stable-coin and TRIBE governance token. FEI tries to be more capital efficient and tries to get decentralized stable-coin. The protocol is going to use its value to maintain liquid secondary markets and earn returns.
Since the Fei is a stablecoin, acts similar to any other stablecoin. It is multiplied or burned upon demand. Supply in October 2021 exceeded 600 million.