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New Algorithmic Stablecoin Fei Protocol Turned Off The Burn Incentive

Amy Liu

Summary: Fei Protocol, a new algorithmic stablecoin, today announced that they have turned off the burn incentive as a step to address the vulnerability disclosed yesterday.  The burn incentive is a mechanism unique to cryptocurrency, because common fiat is usually not "burned", but the circulation of fiat will be subject to additional supervision. Token burning is similar ...

Fei Protocol, a new algorithmic stablecoin, today announced that they have turned off the burn incentive as a step to address the vulnerability disclosed yesterday. 

The burn incentive is a mechanism unique to cryptocurrency, because common fiat is usually not "burned", but the circulation of fiat will be subject to additional supervision. Token burning is similar to the repurchase of stocks by listed companies, except that the latter is reducing the number of shares in circulation.

The Fei Protocol team stated that due to vulnerability in the Fei incentive calculation, all FEI minting rewards will be suspended.

By Amy Liu

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