Abracadabra Proposes to Liquidate MIM Stablecoin at Approximately 4 Cents per Dollar

On September 30, Crypto Briefing reported that the DeFi protocol Abracadabra has proposed a gradual shutdown of its over-collateralized stablecoin MIM (Magic Internet Money), aiming to settle outstanding debts at the current market price of about $0.04 per coin, which represents a value of approximately 4%. MIM has fallen over 95% from its $1 peg, trading at around $0.0446 in mid-September, with a reported market capitalization of approximately $4.63 million. In June of this year, the coin plummeted from $0.74 to around $0.49, and despite the protocol raising interest rates, cutting incentives, and injecting about $100,000 to stabilize the price, it has failed to maintain its peg. The report indicates that MIM holders may only recover about 4 cents for every dollar, and its governance token SPELL will also face a test of confidence.