Cointelegraph Consulting: The post-genesis state of the Fei Protocol
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....
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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....
What is Horizon Genesis? Horizon Genesis is a revolutionary new system that provides backing for Horizon Protocol and its assets. The HZN system offers the perfect solution because it extends mainstream DeFi into creating on-chain synthetic assets instead of just providing liquidity in existing ones like many other platforms do. This allows you to take […]
Genesis Mining is the latest company to announce its departure from New York, following the formal introduction of the state's BitLicense. In a blog post released yesterday, the cloud mining firm - which claims to serve over 50,000 customers - said it had no choice but to block anyone with a New York IP address from using its services. 'While advocates for the BitLicense say they want to protect consumers, what the act really does is stifle innovation. It's complex, expensive, and comes with a set of guidelines that make it nearly impossible for any startup to comply with.'
Just recently, New York Department of Financial Services (NYDFS) superintendent Benjamin Lawsky announced his decision to step down from office to start a business consulting firm. Lawsky has been known for his strict implementation of financial regulation in the state and for BitLicense. BitLicense is a framework of regulation designed to oversee activities in the bitcoin industry in particular. This has drawn a lot of opposition, particularly from bitcoin startups, who might wind up incurring too many costs in acquiring the necessary licenses to offer their products and services in New....
In an ongoing trend of Bitcoin companies withdrawing their services from New York in response to the BitLicense, two more businesses have exited the Empire State. The latest Bitcoin startups that refused to apply to the controversial regulation are Philippine centered remittance service Rebit and mining specialist Genesis Mining. Both Rebit's parent company Satoshi Citadel Industries and Genesis Mining announced their departure from New York through blog posts on their respective websites. The companies both cite the newly imposed BitLicense regulation in the state as the reason for their....