Fei Labs, the firm behind the Fei Protocol stablecoin, reached 639,000 ETH on Saturday, at current prices for Fei Protocol stabilcoin commitments at current prices
What has been done?
Increased ETH will be used as collateral to generate Fei stablecoins. According to Fei Labs, more than 17,000 unique addresses attended the Fei stablecoin “Genesis” event. As The Block Research writes, the Fei stablecoin uses “Protocol Controlled Value” to sell and buy back the supply to maintain its $ 1 constant. The Fei Protocol also imposes an increased incineration penalty for Fei sales, deterring stablecoin sellers below its fixed value.
With the fund, Fei Labs provided Uniswap with liquidity, making it the largest pool on the decentralized exchange with over $ 2.6 billion of liquidity.