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

A total of 639,000 ETH was committed to the so-called coinage of the FEI stablecoin, the company announced Saturday. At the time of Genesis closing, ETH liabilities were worth nearly $ 1.3 billion.

The money will be used to start Fei’s Protocol Controlled Value, or PCV, a category of locked total value. PCV represents all assets that cannot be redeemed by users, including treasury bills and insurance funds.

The Genesis Fei protocol was launched on March 31 and closed on Saturday. Users who participated in the Genesis event will receive a pro-rata percentage of FEI generated from what’s called the bonding curve, a mathematical formula for defining the relationship between price and token offer.

Fei Labs explains

“Users participating in Fei Protocol Genesis can deploy ETH as part of the Genesis Group to start the protocol. By doing this, this entitles participants to a pro-rata percentage of FEI generated by the bonding curve. “

As some have done speculatedThe Fei Protocol increase marks one of the greatest DeFi launches of all time.

Fei Labs noted in its Twitter feed that the FEI to ETH trading pair was the largest pool Uniswap starting Saturday. A $ 385 Million FEI Pre-Swap for TRIBE, a Governance Token, “Marks Probably Largest SMP Trade Ever,” Fei Labs said, referring to automated market makers.