Kraken, one of the leading cryptocurrency exchanges, has decided to remove an altcoin project from its list as a result of its evaluations. The crypto exchange will cease trading in the altcoin’s USD and EUR pairs.
Kraken is removing Tribe from its list!
In the money market, if there is to enter the list of exchanges, there is naturally also to exit. Exchanges generally review the projects in their lists according to the criteria they set, and de-list the cryptocurrencies they decide do not meet their requirements. Cryptocurrency exchange Kraken has announced that it will de-list Tribe (TRIBE) as a result of its evaluations. In this context, the crypto exchange made the following statement:
After careful consideration, we have decided to suspend trading for the Tribe (TRIBE) on June 1.
https://twitter.com/krakenpro/status/1661052637503004673
He also stated that the exchange is constantly striving to provide its users with a safe and efficient trading environment. Accordingly, after careful consideration, he announced that they have decided to remove Tribe (TRIBE) from its trading platform. The exchange did not provide further details for the delisting, though it said careful consideration. Kraken shared that the process of the de-list decision will be as follows:
- May 30, 2023 at 15:30 UTC: TRIBE USD and EUR rates will go into cancel-only mode. So you won’t be able to give new orders. However, you can cancel existing orders that contain TRIBEs. Adjust your trading activities accordingly to ensure a smooth transition.
- June 1, 2023 at 15:30 UTC: TRIBE USD and EUR pairs will be permanently removed. Customers with open positions will be automatically closed.
Altcoin price performance
At press time, Tribe is trading at $0.284710. Also, the altcoin has a trading volume of $139,815 in the last 24 hours. Meanwhile, TRIBE price is down 0.42% in the last 24 hours. TRIB’s current CoinMarketCap rank is 235. The circulating token supply is 515,574,634 TRIBEs and the maximum token supply is 1,000,000,000 TRIBEs.
TRIBE daily price chart / Source: CoinMarketCapTribe is the management token for the FEI algorithmic stablecoin. Fei aims to introduce a new decentralized solution to the stablecoin market. The current stablecoin is either fiat-backed and thus centralized or crypto-backed. This makes them capital inefficient. Other algorithmic stablecoins lack the liquidity to support stabilization. This naturally destabilizes them or centralizes rewards to seigniorage stakeholders.
The FEI proposes a model similar in design to fractional reserve central banking. Here, the protocol issues the FEI at a subsidized price against ETH at the formation event and then uses the resulting Ether as a treasury to keep the peg. TRIBE is the governance token of the DAO, which controls the governance of the FEI. In this context, it can be used in governance proposals or exchanged with the FEI in the UniSwapV2 liquidity pool.
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