Fei Labs Sees 639,000 ETH Raised Within Genesis Event
Fei Labs stands as a new player on the block, who had managed to make a successful genesis launch on Saturday of its Fei stablecoin.
Fei Protocol Genesis has officially ended! Thank you to everyone who contributed to a successful Genesis period in bootstrapping the $FEI stablecoin and $TRIBE governance token
— Fei Labs (@feiprotocol) April 3, 2021
The protocol managed to raise close to $1.3 billion in Ethereum by way of 17,000-plus contributors to finance it. Through this, it’s clear as day that the DeFi space is very clearly growing in its appetite for more digital assets.
A New Player In The Ring
The FEI stablecoin saw a total of 639,000 ETH be committed to the minting of it. This comes by way of an announcement the company itself had made on Saturday. On the Genesis round’s conclusion, the amount of ETH committed to the network was worth almost $1.3 billion in total.
These funds will be leveraged in order to bootstrap the Protocol Controlled Value (PCV) of Fei, which itself stands as a Total Value Locked category in its own right. PCV stands as all the assets that users are incapable of redeeming, including insurance funds and treasuries, as well.
A Successful Genesis Round
On the 31st of March, 2021, the Fei Protocol Genesis was launched, and saw its conclusion on Saturday. Users that had taken part in this Genesis event will subsequently receive a pro-rata percentage of all generated FEI, doing so through a so-called bonding curve: A mathematical formula defining the relationship between token supply and token price.
In the public announcement prior to the Genesis, Fei Labs declared that users could take part within the Fei Protocol Genesis by way of committing ETH as part of the Genesis Group in order to bootstrap the protocol. The pro-rata percentage of FEI generated can then be entitled to the users that took part in it.
Very Bullish Estimates
Now, it should be noted that some individuals within the DeFi space have already declared it one of the biggest launches within said space 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.
Simultaneously, retail investors got predictably rekt.
Here’s how the drama unfolded:
— Jon Wu (@jonwu_) April 4, 2021
Indeed, Fei Labs itself made note of the fact that the FEI/ETH trading pair was the largest pool within the Uniswap exchange on Saturday. One of the largest AMM swaps probably ever recorded occurred on Uniswap, as well, as a pre-swap of $385 million FEI for TRIBE, another governance token, was set out.
Time will tell how successful FEI will be in the future, but the protocol seems poised to be a heavyweight player within the DeFi space. At the very least, the initial investors of FEI already seem eager to cash in on the bullish sentiments floating around.