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 used to bootstrap Fei’s Protocol Controlled Value, or PCV, which is a category of total value locked. PCV represents all assets that are not redeemable by users, including treasuries and insurance funds.
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
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Lets recap ➡️
— Fei Labs (@feiprotocol) April 3, 2021
The Fei Protocol Genesis was launched on March 31 and concluded Saturday. Users who participated in the genesis event will receive a
