Abracadabra Proposes MIM Wind-Down at Four Cents on the Dollar
Key Highlights A proposal says Abracadabra’s MIM stablecoin has nearly $22 million in bad debt and effective backing below $0.04 per token. The plan would unwind eligible cauldrons, convert recovered collateral into ether, and distribute it to borrowers and MIM holders. Voting closes Sept. 30, but participation remains low at 3.4% of the 3 billion-vote ...