Express

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

Last Update:

Tags: ,,
Link: New Algorithmic Stablecoin Fei Protocol Turned Off The Burn Incentive   [Copy]
Next:

Related Articles

  • The Bitcoin Halving is Complete! What’s Next? 5 days ago
  • Runes on Bitcoin: The Next Big Opportunity? 8 days ago
  • Uniswap Sued by SEC: What Does it Mean for the Future of DeFi? 13 days ago
  • The Value of Web3 Social, Explained 13 days ago
  • Initiated by Uweb and Waterdrip Capital, "Deep in Labs" announces its DePIN Demo Day 27 days ago

    • You need to login to comment.