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 While no longer active, FEI's innovations in PCV influenced many subsequent DeFi protocol designs including Olympus DAO's treasury model.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

Ethereum

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

Community & Socials

Website Twitter / X GitHub