90% of the 190m circulating FEI backed 1:1 by stable assets, primarily DAI and LUSD with the remainder well overcollateralized by 30,000 ETH and 50,000 stETH Smart contract risk has been minimized, with primary exposure being Compound, Aave, Balancer, Liquity, and Lido

Fei Protocol mechanisms + strong governance have weathered incredibly turbulent market volatility The FEI reserves are all rock solid at 145% collateralization and the PCV has derisked significantly by converting over 70,000 ETH into stables over the past months 💪