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Fei Labs Raises 639,000 Ethereum For Stablecoin Project

Fei Labs raises 639,000 Ethereum

Los Angeles (CoinChapter) – Fei Labs announced that it has raised 639,000 Ethereum — the equivalent of nearly $1.3 billion — from over 17,000 investors. In a successful genesis launch of its Fei stablecoin.

The event began on March 31 and concluded Saturday. Users who participated will receive a percentage of FEI generated from the bonding curve.

The bonding curve has a 100,000,000 FEI Scale target and starts at $0.50. The maximum price that Genesis Group members could pay is $1.01 per FEI due to the 1% buffer.

The aggregate quantity of ETH will determine the quantity of FEI generated at Genesis. However, the quantity of FEI minted and received for participating users will only be known at the end of the event.

The funds that were raised will go toward Fei’s Protocol Controlled Value (PCV). This category represents assets that are not redeemable by users such as treasuries and insurance funds.

Fei Labs noted on Twitter that the FEI-to-ETH trading pair was the largest pool on Uniswap. A pre-swap of $385 million FEI for TRIBE, a governance token, marks the largest swap for automated market makers.

Fei Labs, Fei Labs Raises 639,000 Ethereum For Stablecoin Project

A major difference between FEI and TRIBE is that the latter is fixed and set to 10% of the TRIBE total initial supply. With a total supply of 1 billion TRIBE, 100 million TRIBE will be reserved for Genesis Group participants.

In order to prevent front-running in the initial FEI-TRIBE liquidity pool. Fei Protocol will only allow users to exchange their Genesis allocation of FEI for TRIBE directly from the pool.

Users can pre-swap any percentage of their Genesis allocation, but there are some notable limitations. Pre-swapping is one-way and users can only increase their pre-swap percentage.

When can participants claim FEI and TRIBE rewards?

Fei Labs revealed that participants can claim their FEI and TRIBE rewards in the next block post-launch. However, users will receive a mix of FEI and TRIBE depending on how much they elected to pre-swap.

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Matt Borelli

Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.

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