Abracadabra proposes orderly shutdown after MIM depegs below 4% collateralization – Link
Abracadabra's governance proposal seeks to liquidate the protocol and its MIM stablecoin. Holders are expected to recover only about $0.04 per $1 of face value against roughly $21M in bad debt. The vote sits at 99.48% "yes" and closes October 1.
Abracadabra's governance proposal seeks to liquidate the protocol and its MIM stablecoin. Holders are expected to recover only about $0.04 per $1 of face value against roughly $21M in bad debt. The vote sits at 99.48% "yes" and closes October 1.
Another case of undercollateralization risk catching up with a smaller stablecoin protocol.