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.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 73.6% | 50 | $60 961.08 | -0.41% | -5.28% | $1 204 731 421 404 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 79.6% | 42 | $2 363.44 | -3.63% | -10.16% | $284 490 888 046 | ||
3 | USDT | Tether predictions | 96% | 1 | $0.999775 | -0.01% | -0.01% | $119 613 677 756 | ||
4 | BNB | Binance Coin predictions | 76% | 52 | $540.95 | -1.40% | -9.40% | $78 942 650 731 | ||
5 | SOL | Solana predictions | 70.8% | 55 | $137.87 | -5.78% | -9.64% | $64 589 113 449 | ||
6 | USDC | USD Coin predictions | 92.4% | 1 | $0.999956 | 0% | -0.01% | $35 574 574 274 | ||
7 | XRP | XRP predictions | 84% | 31 | $0.524465 | -11.22% | -11.21% | $29 665 883 603 | ||
8 | DOGE | Dogecoin predictions | 78% | 42 | $0.104833 | -1.45% | -8.86% | $15 327 743 829 | ||
9 | TRX | TRON predictions | 93.6% | 1 | $0.154264 | 0.31% | 1.24% | $13 358 698 727 | ||
10 | TON | Toncoin predictions | 73.6% | 49 | $5.25 | -3.22% | -9.96% | $13 294 187 711 | ||
11 | ADA | Cardano predictions | 75.6% | 45 | $0.341218 | -2.96% | -13.50% | $11 927 751 391 | ||
12 | STETH | Lido stETH predictions | 92% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
13 | WTRX | Wrapped TRON predictions | 90.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 | ||
14 | AVAX | Avalanche predictions | 67.2% | 73 | $24.88 | -4.29% | -11.44% | $10 110 122 710 | ||
15 | WBTC | Wrapped Bitcoin predictions | 92% | 1 | $65 806.83 | 0.78% | -2.68% | $10 083 957 608 |
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