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Rank #24FEIAlgorithmic
Fei USD
Pegged to
USD
Market Cap
N/A
24h Volume
N/A
Circulating Supply
N/A
Total Supply
N/A
Peg Target
USD
Collateral Type
Algorithmic
Issuer
Fei Protocol (deprecated)
Launch Date
03-04-2021
About Fei USD
Fei USD (FEI) was an algorithmic stablecoin that used Protocol Controlled Value (PCV) — a novel concept where the protocol itself owns its liquidity rather than relying on liquidity providers. FEI maintained its peg through direct ETH purchases and sales by the protocol treasury. After merging with Rari Capital and the subsequent Rari hack, Fei Protocol wound down operations in 2023 and redeemed all FEI for DAI. While no longer active, FEI's innovations in PCV influenced many subsequent DeFi protocol designs including Olympus DAO's treasury model.
Supported Blockchains
Pros
- Pioneered Protocol Controlled Value concept
- Innovative approach to algorithmic stability
- Influenced many subsequent DeFi protocols
- Orderly wind-down returned value to holders
Cons
- Protocol has been deprecated
- Exposed to Rari Capital hack losses
- Failed to achieve sustainable adoption
- No longer operational
Key Features
Protocol Controlled Value (PCV) model
Direct market operations for peg stability
Merged with Rari Capital
Wound down in 2023
PCV concept influenced OHM and others
Full redemption for DAI completed
Stablecoin Information
Category
AlgorithmicCollateral Type
AlgorithmicIssuer
Fei Protocol (deprecated)