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. 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....
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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....
In a recent development, bankrupt crypto lender Genesis has settled with defunct crypto hedge fund Three Arrows Capital (3AC), ending a months-long legal battle. According to court documents, Genesis will pay $33 million to resolve the more than $1 billion in claims asserted by 3AC against the Genesis Debtors. Genesis Resolves Dispute With 3AC The […]
Despite the differences in investment behavior, both retail investors and whales were quitting Fei actively after the genesis event. Following the Fei Protocol falling short of expectations at the beginning of April, much ink has been spilled on the doomed design of the FEI stablecoin and the possible ways to recover. Covalent’s latest findings in Cointelegraph Consulting’s biweekly newsletter adds up to the discussion by taking a closer look at how the Fei Protocol post-genesis drama unfolded, by the numbers.Three weeks ago, Fei Protocol raised 639,000 Ether (ETH) worth roughly $1.3....
Earlier this Saturday, FEI Protocol held its Genesis event, successfully raising over 639,000 Ether — approximately $1.3 billion — in commitment for its stablecoin. The Ethereum raised for the project will be used as collateral to mint its stablecoins, which uses bonding curves to maintain a peg of $1. FEI’s protocol mechanism also allows for direct incentives, which is “more capital efficient, has a fair distribution, and fully decentralized.” According to the project, over 17,000 […]
According to the latest report from blockchain security firm Immunefi, the cryptocurrency sector will face persistent challenges with hacks and scams in 2024. The report highlights that although exploit losses have decreased monthly, the industry has seen more than $1.4 billion lost to 179 hacks and scams this year. In October alone, losses amounted to […]