Project Progress

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Abracadabra Launches Emergency Plan After MIM Stablecoin Crashes

Abracadabra, the decentralized finance lending protocol behind the Magic Internet Money (MIM) stablecoin, launched emergency measures after MIM fell more than 50% below its $1 peg. The protocol is raising interest rates across its lending markets to encourage borrowers to repay loans and reduce MIM's circulating supply. Crypto-backed stablecoins can face instability when liquidity dries up or large holders exit liquidity pools, despite being backed by excess collateral. Abracadabra Raises Intere
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DanielCarter·06-25 05:43
Abracadabra Launches Emergency Plan After MIM Stablecoin Crashes

Abracadabra Launches Emergency Plan After MIM Stablecoin Crashes to $0.49

Abracadabra launched emergency measures in mid-June after its MIM stablecoin crashed from $1 to approximately $0.49 (a loss of over 50%), according to the protocol's official statement. The protocol is raising interest rates across its lending markets to encourage borrowers to repay loans and reduce MIM's circulating supply. A previous $100,000 liquidity injection into Curve Finance on June 15 failed to prevent the depeg from worsening. At press time, MIM has recovered to $0.95 as the emergency
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GateNews·06-25 05:42
Abracadabra Launches Emergency Plan After MIM Stablecoin Crashes to $0.49