Overcollateralized stablecoins can drop to 0.5, DeFi's risk models are still fragile in the face of extreme market conditions. Pausing Curve bribes indicates that the treasury is also tight, wait and see for now.

Reported by Biaojie.com: The overcollateralized stablecoin MIM issued by Abracadabra Money has recently de-pegged. Its current price is about $0.53, down about 33% over the past 24 hours. The team has initiated emergency measures, including raising the borrowing rate in the Cauldron market to encourage borrowers to repay their debts, reducing the MIM supply, and accelerating stabilization by buying back MIM at a discount to repay debts. At the same time, it has paused direct incentives and Curve bribes, and will reassess other measures once MIM restores its peg.