Fei Labs, the company behind the stablecoin Fei Protocol (FEI), has raised 639,000 ETH, or $ 1,27 billion at current prices, for its stablecoin project.
The 639,000 ETH raised is committed to develop the Fei Protocol stablecoin project.
In a recent statement, all of the above ETH will be used as collateral to mine the FEI stablecoins. According to Fei Labs, more than 17,000 addresses participated in the stablecoin FEI "Genesis" event.
Lets recap ➡️
- Fei Labs (@feiprotocol) April 3, 2021
According to The Block Research, the FEI stablecoin uses "Protocol Controlled Value" to sell and buy back the supply to maintain its $ 1 price tag.
With the newly raised money, Fei Labs provided liquidity on the exchange Uniswapinstantly making it the largest pool on a decentralized exchange with over $ 2,6 billion in liquidity.
Fei Protocol is a decentralized stablecoin platform. Fei Protocol operates on two mechanisms of Direct Incentives and Protocol Controlled Value.
Fei Protocol issues 2 tokens:
- TRIBE is governance token of Fei Protocol.
- And FEI is a stablecoin, FEI will be anchored with a value of $ 1.
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