![]() Armed with his signature glaive, which grants him the power of immortality and can slice through any known substance with ease, Corvus is rightly feared by all. Proxima Midnight takes great pleasure in testing herself in battle, relying on her inhuman speed, strength, and agility and her spear, which houses a star trapped in a quantum singularity.Ĭunning and utterly ruthless, Corvus Glaive serves as the general of the Black Order and Thanos’ right hand. Santoro outlined a symbiotic relationship for the two protocols in his initial Twitter thread on Nov.Beschrijving Marvel Crisis Protocol: Corvus Glaive & Proxima Midnightĭevoted members of Thanos’ Black Order, the husband and wife team of Corvus Glaive and Proxima Midnight have terrorized the galaxy in service to their dark master. For comparison, the $9.2 billion in DAI has roughly $18.5 billion in ETH, WBTC and the USDC stablecoin backing it - about 200%. There are about $734 million FEI in circulation, with $1.06 billion in PCV - about 137% over-collateralization. Economic incentives generally keep FEI within a fraction of a cent of its $1 peg, aided by a novel algorithmic stability mechanism called a reweight that is made possible by the fact that Fei owns its own liquidity. That ETH is deployed into a Uniswap liquidity pool - one which is predominantly supplied by the Fei Protocol itself. Santoro even did some work on ESD, but felt the system could be radically improved, and began work on Fei, as he related in a recent interview with Epicenter.įei Protocol mints FEI when users sell ether to the protocol. Source: fei.moneyįei was founded by Joey Santoro, a 2019 graduate in computer science at Duke University, who was inspired by an ill-fated algorithmic stablecoin called Empty Set Dollar (ESD), which irrevocably lost its peg to the US dollar in December 2020, just a few months after launch. Unlike centralized stablecoins such as USDT and USDC, which back their issuance with off-chain reserves of US dollars, Treasurys and other assets, FEI’s backing resides entirely in the protocol’s smart contracts running on Ethereum. But unlike DAI, FEI is collateralized by an algorithmic reserve of protocol-controlled value (PCV), and it emphasizes liquidity rather than over-collateralization.Īt its genesis, FEI was backed solely by ether, but today the PCV consists of about 68% ether and the rest a mix of other assets, primarily other decentralized stablecoins. Like its forerunner, DAI - the stablecoin launched by MakerDAO four years ago - FEI is backed mostly by ether. What is Fei?įei Protocol launched just nine months ago, as a novel iteration on the concept of a crypto-collateralized stablecoin. Consequently, an industry in DeFi has emerged, rife with bribery, to help protocols increase their control over the liquidity Curve provides. Liquidity is king in DeFi, and Curve has become a kingmaker. The FEI stablecoin is already integrated in several such pools. Curve has become one of the most important protocols in decentralized finance (DeFi) today. The chief innovation, the one that comes closest to product-market fit, was the group’s Fuse offering, an “open interest rate protocol” which permits the permissionless creation of bespoke borrowing and lending pools using dozens of Ethereum-based assets. Rari started as a sort of robo-advisor for generating yield from stablecoins, but over the past 18 months has grown and evolved into a money market-like protocol with about $1.4 billion in total value locked - mostly stablecoins and DeFi-related tokens on Ethereum. Rari Capital was founded by Jai Bhavnani, Jack Lipstone and David Lucid in July 2020 - when all were under 20 years old and already had one DeFi startup under their belts. The Rari and Fei development teams initially proposed the idea of joining forces in mid-November, however, only after several weeks and a few rounds of modifications to the deal terms did the wider Fei and Rari communities embrace the concept. But to get to that outcome required some political maneuvering. Holders of Rari’s RGT governance token voted overwhelmingly in favor of the deal, as did holders of Fei’s governance token TRIBE, which will subsume the former. The precedent-setting example of on-chain governance puts in motion a concatenation of talent and code, in what its backers say will yield a DeFi powerhouse in 2022. Rari’s core product gains a dedicated stablecoin, FEI, while the Fei Protocol will become more useful in DeFi thanks to Rari’s borrowing and lending poolsĪ pair of ambitious DAO communities led by young hotshot developer teams pulled off a massive merger via dual votes that ended Monday at midnight UTC.The combined protocols will operate using one token, TRIBE, but keep their developer teams intact. ![]()
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