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 | 81.2% | 30 | $64 488.19 | 1.45% | -7.11% | $1 269 582 250 016 |  |
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|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 80% | 40 | $3 085.99 | 0.41% | -10.28% | $370 545 355 896 |  |
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| 3 |  USDT |
Tether predictions | 90.8% | 1 | $1.000569 | 0.02% | 0.12% | $109 531 822 507 |  |
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| 4 |  BNB |
Binance Coin predictions | 88% | 22 | $560.39 | 1.65% | -8.44% | $83 796 500 753 |  |
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| 5 |  SOL |
Solana predictions | 76.8% | 49 | $146.49 | 5.09% | -12.39% | $65 453 698 269 |  |
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| 6 |  USDC |
USD Coin predictions | 93.6% | 2 | $1.000146 | 0.03% | 0.03% | $33 220 274 273 |  |
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| 7 |  XRP |
XRP predictions | 70.4% | 52 | $0.503620 | 0.48% | -15.18% | $27 764 161 257 |  |
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| 8 |  TON |
Toncoin predictions | 67.2% | 61 | $6.38 | 2.40% | -9.56% | $22 138 420 564 |  |
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| 9 |  DOGE |
Dogecoin predictions | 70% | 60 | $0.152716 | 1.27% | -21.01% | $21 983 535 192 |  |
|
| 10 |  ADA |
Cardano predictions | 74.4% | 56 | $0.472132 | 3.75% | -16.30% | $16 819 547 665 |  |
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| 11 |  SHIB |
SHIBA INU predictions | 62.4% | 85 | $0.000023 | 0.42% | -14.91% | $13 486 995 911 |  |
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| 12 |  AVAX |
Avalanche predictions | 66.8% | 63 | $35.39 | 0.87% | -19.84% | $13 377 659 960 |  |
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| 13 |  STETH |
Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 14 |  WBTC |
Wrapped Bitcoin predictions | 82% | 29 | $64 512.54 | 1.49% | -7.10% | $10 024 199 284 |  |
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| 15 |  DOT |
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