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FEI Turns Unstable as Genesis Event Ends Raising 639k ETH

Published 04/05/2021, 06:45 AM
Updated 04/05/2021, 07:00 AM
FEI Turns Unstable as Genesis Event Ends Raising 639k ETH

  • FEI Labs has raised 639K Ethereum from over 17,000 contributors.
  • Stable FEI turns unstable as the Genesis event ends.
  • FEI users face unintended consequences and penalties.

FEI Labs has raised 639K Ethereum (approx. $1.3 billion) from over 17,000 contributors during the Genesis event to bootstrap FEI decentralized stablecoin. Specifically, the firm launched the event on March 31, 2021, and ended on April 3, 2021. However, as the Genesis event ended, the token experienced a market decline on its value.

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