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Earlier this Saturday, FEI Protocol held its Genesis event, successfully raising over 639,000 Ether — approximately $1.3 billion — in commitment for its stablecoin. The Ethereum raised for the project will be used as collateral to mint its stablecoins, which uses bonding curves to maintain a peg of $1. FEI’s protocol mechanism also allows for direct incentives, which is “more capital efficient, has a fair distribution, and fully decentralized.” According to the project, over 17,000
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