Fei Labs raises $639,900 in ETH during its genesis gathering.

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The assets, which amount to about $1.3 billion, will be used to launch the Fei decentralised stablecoin.

On Saturday, Fei Labs completed a strong genesis launch of the Fei stablecoin, collecting nearly $1.3 billion in Ethereum (ETH) from over 17,000 donors, showcasing the market’s rising demand for crypto currencies and decentralised finance once again.

According to the company’s announcement on Saturday, a total of 639,000 ETH has been dedicated to the so-called minting of the FEI stablecoin. The ETH commitments were worth nearly $1.3 billion at the time Genesis ended.

The funds will be used to launch Fei’s Protocol Regulated Value, or PCV, a category of total value locked. PCV represents all non-redeemable securities, such as treasuries and insurance funds.

The Fei Protocol Genesis was launched on March 31 and concluded Saturday. Users who participated in the genesis event will receive a pro-rata percentage of FEI generated from the so-called bonding curve, which is a mathematical formula for defining the relationship between price and token supply.

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Fei Labs explains:

“Users that participate at Fei Protocol Genesis can commit ETH as part of the Genesis Group to bootstrap the protocol. By doing so, this entitles participants to a pro-rata percentage of FEI generated from the bonding curve.”

As some have speculated, Fei Protocol’s raise marks one of the biggest DeFi launches of all time.

According to Fei Labs’ Twitter account, the FEI-to-ETH trading pair was the largest pool on Uniswap as of Saturday. A $385 million FEI pre-swap for TRIBE, a governance coin, “probably represents the biggest ever AMM swap,” according to Fei Labs, referring to digital market makers.

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