fat pigfree bitcoin and crypto signals

Stablecoin Fei (FEI) Might Be Shut Down Soon

Shares

Ethereum (ETH) veteran Joey Santoro, founder of Fei Labs, published a proposal to redeem FEI tokens to DAI and to distribute protocol controlled value (PCV) between TRIBE holders.

Fei (FEI) stablecoin project closing; Fei Labs leaves DAO

Mr. Santoro has taken to Twitter to announce that the Fei (FEI) architecture will be shutting down due to "technical, financial and potential future regulatory risks."

He released a proposal to redeem the existing circulating supply of FEI to Dai (DAI), the largest algorithmic stablecoin. Should this proposal pass, remaining PCV reserves will be distributed between the holders of the TRIBE token, which used to act as a balance instrument to keep a 1:1 peg between FEI and USD.

Exhaustive aftermath of a devastating attack on Fuse-based liquidity pools associated with Fei Labs and its partners from Rari Capital is another reason behind the upcoming discontinuing operations.

Decentralized finance (DeFi) researcher Ignas, who goes by @DefiIgnas on Twitter, adds that the vulnerability of Fei's (FEI) protocol controlled value (PCV) itself is the real reason that makes the FEI team close the project:


Read more on U.Today https://u.today/top-decentralized-stablecoin-fei-fei-might-be-shut-down-soon

Shares

Related Articles

Utoday: Crypto Services Targeted by Massive Phishing Scam Here's How It Happened

Ethereum's (ETH) explorer Etherscan, crypto analytics service CoinGecko, portfolio management app DexTools and other Web3 infrastructure services are attacked Contents No free "Apes" in crypto Was the attack mitigated? Crypto scammers attacked Web3 infrastructure platforms through an unusual design. By compromising a single advertising instrument, attackers managed to steal tokens from thousands of wallets. No […]

How to Modify or Cancel a Pending Ethereum Transaction

If you deal with Ethereum frequently, you’ll be happy to know it’s possible to cancel or reverse your transactions. Read more to learn how.

Tether Launches Stable British Pound Sterling GBPt

Utoday: Tether announced plans to launch a stablecoin pegged to the British Pound Sterling, GBPt. Initially, the GBPt stablecoin, as always, will be available on the Ethereum blockchain. The coin will be released as early as next month, in July. After its launch, GBPt will join the Tether storefront, which already features such coins tied to such […]

Share