Fei USD

Fei USD (FEI) is a failed algorithmic stablecoin project that is currently in a state of permanent dissolution. Following a disastrous merger with Rari Capital and a subsequent $80 million exploit of the Fuse pools, the governing Tribe DAO voted to wind down the protocol in late 2022. Consequently, active development has ceased entirely, with no code updates or roadmap execution. The community has fractured and is characterized by apathy or hostility due to controversial governance decisions regarding the reimbursement of hack victims and ongoing legal issues. The tokenomics are broken; the algorithmic peg mechanisms are obsolete, and the token now functions solely as a redemption ticket for residual treasury assets (DAI). There is no remaining market use case or utility within the DeFi ecosystem. While the original team was credible and initial audits were rigorous, the systemic failure resulting from the merger and the subsequent shutdown renders the project uninvestable.