Fei Labs completed the successful launch of the Fei stablecoin on Saturday, raising nearly $ 1.3 billion in Ethereum (ETH) from more than 17,000 members, further highlighting the market’s growing appetite for digital assets and decentralized finance.

The company announced on Saturday that 639,000 ETH had been earmarked for the so-called minting of FEI coins. At the time Genesis was completed, ETH’s liabilities were roughly $ 1.3 billion.

The money will be used to download the Fei Monitor Value, or PCV, which is a class of total locked costs. The PCV represents all assets that cannot be recovered by the user, including government debt securities and insurance funds.

Fei Protocol Genesis launched on March 31 and ended on Saturday. Users who participate in the Genesis event will receive a proportional FEI percentage generated from a so-called anchor curve, which is a mathematical formula for determining the relationship between price and token display.

Fei Labs explains:

“Users participating in Fei Protocol Genesis can use ETH as part of the Genesis Group to launch the protocol. Consequently, competitors eligible to obtain the relative percentage FEI are derived from the anchor curve.”
As some speculate, the Fei Protocol’s rise represented one of DeFi’s biggest launches ever.

Fei Labs tweeted that the FEI-ETH trading pair was the largest gathering on Uniswap as of Saturday. Referring to automated marketers, Fei Labs said the initial exchange of $ 385 million for FEI for TRIBE, the management symbol “is likely to be the largest AMM exchange in history.”

Source: CoinTelegraph