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Algorithmic stablecoins show promise of reducing volatility — ShapeShift
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Fei Protocol struggles with a bug as holders are mostly unable to sell the token
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Fei Protocol genesis locks up $1 billion in ETH, but LPs could face losses Despite attracting more than $1 billion, Fei protocol’s genesis event hasn’t been entirely smooth sailing with LPs facing losses if they withdraw soon. 9926 Total views News
The launch of Ethereum-backed stablecoin called Fei has locked up almost a billion dollars’ worth of ETH during its genesis event. But the launch hasn t gone entirely as planned for some of its liquidity providers.
The protocol, which launched a genesis event on April 1, introduced a stablecoin that is partially backed by Ethereum and uses bonding curves coupled with direct incentives to maintain the correct peg. These direct incentives penalize price fluctuations moving away from the peg and reward trades that drive prices towards the peg.
Fei Labs Sees 639,000 ETH Raised Within Genesis Event
Last Updated: 05 April 2021
Fei Labs stands as a new player on the block, who had managed to make a successful genesis launch on Saturday of its Fei stablecoin.
Fei Protocol Genesis has officially ended! Thank you to everyone who contributed to a successful Genesis period in bootstrapping the $FEI stablecoin and $TRIBE governance token
Lets recap ➡️
The protocol managed to raise close to $1.3 billion in Ethereum by way of 17,000-plus contributors to finance it. Through this, it’s clear as day that the DeFi space is very clearly growing in its appetite for more digital assets.
Fei Labs raises 639K ETH in genesis event The funds, which are equivalent to roughly $1.3 billion, will be used to bootstrap the Fei decentralized stablecoin. 22926 Total views News
Fei Labs concluded a successful genesis launch of its Fei stablecoin on Saturday, raising nearly $1.3 billion in Ethereum (ETH) from over 17,000 contributors, highlighting once again the market’s growing appetite for digital assets and decentralized finance.
A total of 639,000 ETH was committed to the so-called minting of the FEI stablecoin, the company announced Saturday. At the time Genesis concluded, the ETH commitments were worth nearly $1.3 billion.
The funds will be used to bootstrap Fei’s Protocol Controlled Value, or PCV, which is a category of total value locked. PCV represents all assets that are not redeemable by users, including treasuries and insurance funds.
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