Raising nearly $13 billion in Ethereum (ETH) from over 17,000 contributors, Fei labs concluded a successful genesis launch of its Fei stablecoin on Saturday. The market growing appetite for digital assets and decentralized finance was highlighted by the amount raised.
According by Fei lab, a total of 639,000 ETH was ploughed into the minting of stablecoin, however, the ETH was at the worth of nearly $1.3 billion at the time of conclusion of Genesis.
The funds will be used to bootstrap Fei’s Protocol Controlled Value, or PCV, which is a category of total value locked. PCV represents all assets that are not redeemable by users, including treasuries and insurance funds.