Stablecoin MIM depegs to around $0.5, Abracadabra initiates emergency measures

ChainCatcher news, Abracadabra Finance stated that it is aware of the MIM stablecoin depegging issue and is taking emergency measures. Starting immediately, it will gradually raise interest rates on all Cauldrons (including deprecated markets) to encourage debt repayment and reduce the circulating supply of MIM. The current depeg naturally incentivizes borrowers to repay their debts at a discount, which helps accelerate supply contraction. Until MIM regains its peg, direct incentives and Curve bribes will be suspended. The team said it is evaluating additional recovery plans and will announce them in due course.