Die Crypto Nerd Show #16 - Dapper, Coinbase, Liquidity, EPNS, Mobilecoin und natürlich Fei

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Fei
Introducing Fei Protocol
- bonding curves denominated in any erc20 or eth
- Fei Analytics)
- initial PCV is used to setup ETH/FEI Uniswap Pool (20210405 at 2.6b USD)
- FEI is Minted to Match ETH that the PCV ownes (this initial group is called the Genesis Group)
- In case of extended periods blow the PEG, reweight can happen
- Withdraw all protocol owned liquidity
- Buy FEI with withdrawn ETH
- Burn excess FEI
- Put into Pool again
- Direct Incentives put the system back in PEG
- Below the peg, selling FEI for ETH will be disincentivated via extra burn of FEI
- Below the peg, buying FEI will Mint extra FEI.
- they believe governance tokens in PCV models accrue more value
In the Initial Genesis Phase:
- the bonding curve is set to 100m FEI … but 1.2b USD were raised, so most of that was raised at $1.01 per FEI.
- 10% of 1B TRIBE were distributed (see here
- Then liquidity mining starts
Further Comments
- Price of FEI has been below PEG and people feel they lost.
- Sam Kazemian has a good Thread about Fei comments
- Jon Wu hhas another one, but negativen Thread about Fei
- First reweight didn't really help: the reweight.
FEI Labs Turns off burn incentive - thereby making it fine to withdraw your ETH again.
Another Great Thread by Sam
FEI vs. FRAX
- Tied to other stablecoins (and thus to their risks)
- Stability Mechanism
- Buybacks & Recollateralization
- No reweighting
- Seigniorage model is different