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Defi Protocol Abracadabra's Stablecoin MIM Briefly Slides to $0.91 During the Crypto Market Rout – Altcoins Bitcoin News

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On Saturday, June 18, the crypto stablecoin called magic internet money (MIM) briefly dropped to a low of $0.914 per unit.

that MIM was “about to depeg with a 95.8% liquidity imbalance. There’s only $6m of liquidity left in the pool.”Furthermore, Abracadabra published athat addresses “a large number of false Twitter threads.” Abracadabra said that the false information “created extreme volatility that has affected the MIM peg and the MIM-3pool liquidity on Curve Finance.”

“One of the central pieces to the FUD revolves around Abracadabra’s treasury composition,” Abracadabra’s blog post notes. “Our operational treasury, which does not include SPELL tokens, currently owns more than $13.2M in assets . Roughly half of the treasury is in MIM stablecoin, and the other half is in CRV tokens which are fundamental assets for us to hold.

If you are looking for the exact amounts, the treasury holds 6,619,923.5 MIM and 10,380,153.06 CRV tokens. Abracadabra’s blog post also asks people with outstanding loans to repay the balance while the peg is low in order to rebalance the MIM-3pool. “As we write this post, the health of the Curve pool continues to improve and we fully expect the MIM peg to be restored shortly. In addition, we plan to share a more detailed set of dates around when and how repayment will occur,” Abracadabra’s blog post concludes.has been volatile in recent times dropping below $1 parity. While it was trading for $1 at 6:05 p.m. , earlier on Saturday USDN slipped to $0.931 per unit.

 

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Apparently, such news will have to be read before the end of the year now.

fraudulent unstable stablecoins again show their inability to compete with Tether.

'learn defi today' paw btc

All this so called stable coins are all SCAMS!

What a day $PAW

You have proven to me that you are genuine and i can trust you with my last dime protraderjason thanks for the payouts

This is serious $PAW

Veery good

MintClubPro

My six pack is protected by a layer of fat.

Bad drop. $paw

Wasn't stable after all $paw

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