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 billion at the end of the genesis event. The data reveals that the event attracted 17,567 unique users, but it turned out to be heavily dominated by whales. Indeed, 241 addresses, each holding more than $1 million, collectively contributed 63% of the total ETH genesis value.
Retail investors holding $500–$5,000 in their wallets represent the largest group in terms of the number of contributors, making up 43% of contributors, but only 1.24% of contributions. The third-largest group by the number of contributors had 2,667 investors, who collectively