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.
Biggest launch in Defi history? @feiprotocol raised $1.2B from its Genesis event, and the $FEI - $TRIBE pool is #1 on Uniswap with $2.6 BILLION in liquidity.— Jon Wu (@jonwu_) April 4, 2021
Simultaneously, retail investors got predictably rekt.
Here's how the drama unfolded:
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.