FEI, a Phenomenal DeFi Project, Raises 639,000 ETH and Gets Dumped by 'Freeloader Whales'

At 3 AM Beijing time on April 4th, the decentralized stablecoin protocol FEI completed the 3-day Genesis Group phase, reportedly raising 639,000 ETH and minting 1.3 billion FEI, while also bringing over 2.6 billion dollars in liquidity to Uniswap. In terms of data, FEI's popularity exceeded the imagination of the vast majority of people, and it rose to become the largest algorithmic stablecoin project by scale.