Fei Enriched Ethereum, Fei Wasted Arbitrageurs

The new stablecoin project Fei Protocol got off to a rough start. After its genesis launch, it created enormous selling pressure in the market, causing the stablecoin FEI to fail to stabilize at $1 and fall "underwater". As a result, most users who received TRIBE governance token airdrops and participated in genesis mining were trapped, describing the situation as being "imprisoned in a water prison". According to Fei Protocol's whitepaper, when FEI is "underwater" below $1, users selling FEI will suffer a loss of FEI value; buying FEI will earn additional FEI rewards.