CryptoCointelegraphabout 3 hours ago
Abracadabra takes emergency action as MIM stablecoin depeg worsens
1 min read
Decentralized finance platform Abracadabra launched emergency measures after its stablecoin Magic Internet Money (MIM) fell 50% below its $1 peg to 49 cents. The protocol is increasing interest rates across all Cauldrons to encourage debt repayment and reduce the outstanding MIM supply.
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