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Monday

19 April 2021

Algorithmic Stablecoin Crashes 50% as Devs Scramble for a Fix | Crypto Briefing

Algorithmic Stablecoin Crashes 50% as Devs Scramble for a Fix | Crypto Briefing


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The FEI stablecoin experiment has failed to maintain a peg with the USD, as $1.2 billion ETH is stuck in the smart contract.

FEI is an algorithmic stablecoin that seeks to maintain a $1 valuation without actual fiat (like USDT or USDC) or crypto (like DAI) collateralization. .

However, due to low demand, the peg against the dollar failed to keep up, triggering the underlying algorithm, which charges the liquidity providers for selling FEI if its price is less than the target of $1. 

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