$1.2 Billion Stablecoin Project Fei Stumbles Out of the Gate

[Galaxy]

Algorithmic stablecoin called Fei has undergone a troubled launch, falling below parity with the dollar. Here’s what’s gone wrong.
The launch of any experimental DeFi protocol is going to be risky. But when you mix together a strong dose of complexity, an irksome bug and a lot of money, it’s a potentially explosive combination.

Algorithmic stablecoin Fei is the latest DeFi project to undergo a troubled launch. Not only has the coin traded below parity with the US dollar since its $1.2 billion launch—something of an issue for a coin that’s supposed to be pegged to the dollar—a bug has emerged that’s resulted in some users struggling to sell their coins. It’s whipped up a furor on social media, Discord and Fei’s own blog, with many users complaining about the broken peg and others offering suggested solutions.
Source: https://decrypt.co/64236/1-2-billion-stablecoin-project-fei-stumbles-out-of-the-gate

[TomPluz]

Ironic that a stablecoin like this could not even stabilized its own platform and value. There is something - a big wrong - with the whole platform and the team failed to foresee the possible problems. And then it is apparent they are very late with the solutions. Well, let's hope that eventually Fei can recuperate itself and be a good player in the lucrative stablecoin and DeFi market.