| Founded | 2021 |
|---|---|
| Closed | 2022 |
| Country | USA |
| Sector | Crypto |
| Total raised | $19M |
| Collapse type | Sudden Collapse |
| Founder | Joey Santoro, Brianna Montgomery |
Fei Protocol
"The algorithmic stablecoin raised $19M from a16z and attracted $1.3B in its launch day only to collapse within months"
Unexpected shutdown within weeks of a trigger
Key Events Timeline
Fei Protocol was an algorithmic stablecoin backed by Protocol Controlled Value (PCV) — instead of relying on over-collateralization, it used a treasury of ETH and other assets to algorithmically maintain the $1 peg.
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