Partnered With:

Algorithmic stablecoin FEI celebrates "get out of jail day". Learn how to escape in 1 minute

Read this article in 4 Minutes

FEI officially implements the $0.95 redemption plan. Is it time to say goodbye to the "water dungeon"?

Algorithmic Stable Coin FEI to Get Out of Prison Day, Learn How to Escape in 1 Minute

Original source: Babbitt

On April 30, Beijing time, the algorithmic stablecoin protocol FEI officially implemented the FIP-2 redemption scheme, which allows FEI holders to exchange FEI for ETH at a price of $0.95.

For many participants, it's time to say goodbye to their month-long life in the water prison.

This article will explain in detail how to get out of prison:

If you own FEI and want to convert it to ETH for $0.95, you can visit the FEI app"redeem"Page.

Exchange steps:

1. Connect your wallet

2. Enter the number of FEI you want to exchange and submit the transaction;

3. Press the Redeem button to start trading;

As long as less than 5000 ETH is redeemed, the 300,000 ETH allocated will be replenished (every 1 hour).

If the amount of ETH in the redemption contract is not sufficient to fully redeem your FEI, you will receive the following notice:

Then you can consider a partial exchange, or try again later.

Note that some preemptive redemptions are likely to occur, and if you don't want to perform a partial redemption or wait, you can also choose to trade it into ETH on the FEI app or the secondary market.

By doing so, however, you won't be able to get a 0.95 exchange rate, as the FEI on the secondary market is currently around $0.946.