Token are important units that operate over existing blockchain technology networks. Tokens can be either intangible or tangible assets. Furthermore, tokens are also useful in decentralized finance systems. For example, users have control over the protocol to vote regarding setting up parameters for the network. This article will discuss the TRIBE token and all its related elements. Hence, you will be able to make better decisions regarding investment in TRIBE tokens.
Let us start with some basics:
Table of contents
- What is Tribe (TRIBE)?
- How can you buy a TRIBE coin/token?
- How can you store TRIBE coins/tokens?
- Should you invest in TRIBE tokens?
- Closing Thoughts
What is Tribe (TRIBE)?
TRIBE is a valuable governance token of the Fei protocol. The Fei protocol aims to retain a liquidity market that allows its stablecoins FEI transactions at a price similar to ETH/USD. Further to attain this, the Fei token uses a stability mechanism called direct incentives. Also, the Fei token comes with an entirely decentralized DAO, and the TRIBE token governs this DAO.
Subsequently, TRIBE holders can influence the decision on adding a new pricing curve for new tokens. Also, they can vote to modify the price functions of current parameters.
Furthermore, holders can adjust the allowance PCV ( Protocol Controlled Value) for upcoming budget or prevailing PCV taxes. This practice will streamline cryptocurrency trading.
Ethereum blockchain hosts the TRIBE token.
How can you buy a TRIBE token?
You can buy TRIBE coins easily using a DEX or decentralized exchange platform. Here we can take the example of PancakeSwap. As Pancakeswap is a defi token, it further simplifies the buying process of TRIBE coins. Also, buyers don’t have to deal with any centralized system.
Follow the below-given steps to buy TRIBE coins:
Download a trust wallet in your android or iOs as pancakeswap is accessible through both devices. Next, you have to search for the availability of TRIBE coins on the platform. Hence, on the search bar option, write TRIBE and tap on the search.
Then you have to add cryptocurrencies to your digital wallet. For this, you’ll need to put funds into your trust wallet prior to engaging with the DEX. Furthermore, there are two methods to achieve this. First, buy some crypto coins using your debit or credit cards, and secondly, transfer cryptos from a third-party wallet.
Now you need to link your DEX to your digital wallet. For this, tap on the dApps symbol on the page. Now, click on the PancakeSwap and tap on connect.
Since you have crypto coins in your wallet now, which is linked to the blockchain platform, move ahead to buy tokens. Select the exchange option and input your base cryptocurrency using the FROM option.
Find the TO option and pick the TRIBE from the menu. Then, write down the amount of TRIBE coins you want to swap. Further, tap on the SWAP option to complete the transaction.
Within seconds you will receive your TRIBE coins. These coins will be steady in your wallet unless you exchange or sell them. Hence, a good digital wallet and PancakeSwap allow you to perform easy transactions using TRIBE.
How can you store TRIBE Tokens?
Both software and hardware wallets are suitable for storing TRIBE safely. You can consider the following wallets:
- Ledger Nano S
It has a user-friendly trading interface that is very simple to set up. Moreover, users can use it on both laptops and desktops. The digital wallet is light in weight and portable. Additionally, it supports blockchain platforms having a vast range of ERC20 tokens. Plus, it executes in multiple cryptocurrency trading languages, it stores your TRIBE token securely with its built-in chip.
- Ledger Nano X
It is an enhanced version of Ledger Nano S. Users can operate it from laptops, desktops, mobile phones and tablets. Additionally, you will also get a reliable Bluetooth connection. In contrast to Nano S, you will get better storage and a bigger screen. Moreover, it is rechargeable as well as lightweight.
- DeFi Wallet
This wallet offers you all the defi services. Furthermore, you get total control of more than 100 unique coins. In addition to this, with 35 different tokens, you can earn an interest amount. With DEfi wallets, users get biometrics, private key encryption on the wallet, and 2-factor authentication.
This wallet is most suitable for TRIBE tokens. Also, it serves traders of all levels, including beginners, intermediate and advanced. Further, it also has built-in safety features to store your assets securely. Its backup feature keeps attackers from accessing your TRIBE coins. In addition to this, it also grants emergency access if you forget your password or lose your wallet.
Should you invest in TRIBE tokens?
TRIBE ranks at number 129 among over 4000 cryptocurrencies. Also, it has a rating of 4.4/10 given by Cointobuy.io. Users can expect returns of over 157% with a transaction cost of $2.34. According to the certified cryptocurrency expert, the vast market cap value drives the high rank of TRIBE among other cryptocurrencies. Also, expert predictions state that TRIBE has the potential to attain the peak value in the near future.
Moreover, TRIBE tokens also maintain a secured rank in the top cryptocurrencies list by Coinbase and Binance. Both of these platforms are known to be the biggest cryptocurrency exchanges in the world. Hence, looking at all this information, we can assume that TRIBE will attract a good number of investors in the future. Furthermore, experts are saying that by 2021, TRIBE might reach its peak at a price of $2.49 soon.
With the evolution of the blockchain industry, the number of digital tokens and assets will also increase. Further, the number of wallet users will see a boost too. Moreover, the process of purchasing, trading and storing TRIBE tokens is straightforward and easy. Additionally, a market study indicates that this crypto token has a bright future ahead. Hence, you can definitely consider buying a TRIBE token. However, it would be better to stay careful while trading.
To get more such information on how to become a crypto trader and blockchain relevant topics, join the BLOCKCHAIN COUNCIL. The cryptocurrency certification consortium offers various certification programs where you can enrol in.