You can see how the interest in the FEI (Fei USD) cryptocurrency gets changes with the increase or decrease in the number of searches for Fei USD and FEI on the internet search engine Google. In general, we can see that during the periods when the price of that cryptocurrency increases, the searches increase, and in the periods when the price decreases, the interest decreases, and the price decreases in general.
In addition, a development announced with that cryptocurrency may also lead to an abnormal increase in searches. For example, large companies are investing in cryptocurrencies. And some banks or financial institutions have positive developments based on their insight towards cryptocurrencies which can also lead to a sudden increase in interest of those cryptocurrencies.
Fei US Dollar today has equal value to $0.998. The cryptocurrency Fei USD (FEI) price was down -0.35% during the last few days. The market capitalization is $518.73 million.
What is a cryptocurrency – Fei USD?
A cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their coins. You can earn tokens, and these can be negotiated privately for the good or service the company provides.
Fei Protocol wants to maintain a liquid market to trade ETH/FEI at the ETH/USD. The new stability system has provided a proper environment for Fei to achieve its goal. Direct incentive stable-coins use dynamic rewards and burn penalties in the DEX trading volume to maintain the bond. Fei takes advantage of Uniswap as its motivational DEX when launching. The management can add some updates on DEX mergers and motivations if necessary.
What is Fei Protocol (FEI), and what is its future?
Fei Protocol (FEI) represents an unsecured and fully decentralized direct incentive stable-coin. The purpose of the Fei Protocol is to maintain a liquid market where ETH/FEI gets a trading price close to the ETH/USD.
Fei Protocol, Fei Labs Inc. is a fully decentralized stablecoin project developed by the project that aims to improve the concept of stablecoin by introducing various innovations. It uses a stabilization mechanism called Protocol Controlled Value (PCV) to maintain a liquidity pool, along with Uniswap and its native stablecoin, the FEI, to keep it close to the US dollar.
The brief history of the Fei Protocol
The Fei Protocol was initiated on March 31, 2021, by Joey Santoro, Brianna Montgomery, and Sebastian Delgado. Fei Protocol managed to raise $19 million from major industrial venture capital firms in March 2021. FEI is an ERC20 stable-coin based on the Fei protocol.
How does the Fei Protocol work?
Fei is launched based on two innovative ideas – Protocol Controlled Value and Direct Incentives. Protocol Controlled Value (PCV) is a subset of the Total User-Owned Value (TVL) locking model used by numerous stablecoin projects. In the TVL model, users receive IOUs on their deposits and can withdraw at any time (except during the lockdown period).
The Fei Protocol Direct Incentive feature, as the name suggests, is a feature that encourages the use and trading activity of FEI stable coins. It ensures the stability of the exchange rate, thus discouraging investors from selling their tokens when the price drops below $1. When investors sell the FEI, some of the FEI they sell burns.
FEI technical data
The total supply of the FEI is 426,116,733 FEIs as per Coinmarketcap data at the time of writing. Its circulating supply is 424,996,177.79 FEIs. Its total market cap is $423,169,587. With this value, it is in 140th place in the market ranking.