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. 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.
The Fei Protocol Genesis was launched on March 31 and concluded Saturday. Users who participated in the genesis event will receive a pro-rata percentage of FEI generated from the so-called bonding curve, which is a mathematical formula for defining the relationship between price and token supply.
Fei Labs explains:
“Users that participate at Fei Protocol Genesis can commit ETH as part of the Genesis Group to bootstrap the protocol. By doing so, this entitles participants to a pro-rata percentage of FEI generated from the bonding curve.”
As some have speculated, Fei Protocol’s raise marks one of the biggest DeFi launches of all time. Fei Labs noted in its Twitter feed that the FEI-to-ETH trading pair was the largest pool on Uniswap as of Saturday. A pre-swap of $385 million FEI for TRIBE, a governance token, “probably marks the largest ever AMM swap,” Fei Labs said, referring to automated market makers.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 83.6% | 20 | $101 701.81 | 1.69% | 2.07% | $2 013 246 996 833 |  |
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|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 69.2% | 63 | $3 915.40 | -0.05% | -2.15% | $471 597 924 366 |  |
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| 3 |  XRP |
XRP predictions | 60.4% | 90 | $2.47 | 5.89% | 1.39% | $141 142 112 565 |  |
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| 4 |  USDT |
Tether predictions | 91.2% | 1 | $1.000042 | -0.01% | -0.14% | $140 139 591 223 |  |
|
| 5 |  SOL |
Solana predictions | 77.6% | 34 | $225.66 | -0.24% | -4.29% | $108 098 878 749 |  |
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| 6 |  BNB |
Binance Coin predictions | 72.4% | 60 | $728.99 | 2.96% | -1.69% | $104 980 392 576 |  |
|
| 7 |  DOGE |
Dogecoin predictions | 77.6% | 45 | $0.410083 | 0.70% | -5.78% | $60 360 933 009 |  |
|
| 8 |  USDC |
USD Coin predictions | 94% | 1 | $0.999956 | 0% | 0% | $41 989 588 944 |  |
|
| 9 |  ADA |
Cardano predictions | 62.8% | 74 | $1.11 | 0.75% | -8.74% | $38 938 221 420 |  |
|
| 10 |  TRX |
TRON predictions | 57.6% | 93 | $0.294798 | 1.75% | -10.07% | $25 424 946 533 |  |
|
| 11 |  AVAX |
Avalanche predictions | 68.8% | 65 | $52.49 | -1.10% | 0.78% | $21 502 759 836 |  |
|
| 12 |  LINK |
Chainlink predictions | 59.6% | 87 | $29.57 | 0.59% | 14.33% | $18 538 470 003 |  |
|
| 13 |  SHIB |
SHIBA INU predictions | 69.6% | 68 | $0.000029 | 2.81% | -6.07% | $16 940 665 280 |  |
|
| 14 |  TON |
Toncoin predictions | 69.2% | 69 | $6.31 | -0.68% | -7.62% | $16 085 252 236 |  |
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| 15 |  DOT |
Polkadot predictions | 60.4% | 78 | $9.01 | -0.51% | -15.10% | $13 775 503 688 |  |
