What happened in the FEI Protocol Genesis Event?

Fei is one of those new-fangled algo stablecoins that’s partially backed by Ethereum and uses bonding curves coupled with direct incentives to maintain the correct peg. These incentives penalize price fluctuations that move the price away from the peg and reward trades that push it back in the right direction. So it’s a stablecoin and it’s to one dollar which means you can simply redeem one FEI for one dollar but... it's slightly more complicated than that.

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https://twitter.com/bantg/status/1378425018388975616?s=20

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