The stablecoin MIM has depegged to about $0.5, Abracadabra has initiated emergency measures

Abracadabra Finance announced that it has recognized the depegging issue of the MIM stablecoin and is taking emergency measures. Starting today, it will gradually increase the interest rates of all Cauldrons (including deprecated markets) to encourage debt repayment and reduce the circulating supply of MIM. The current depegging provides borrowers with a natural incentive to repay their debts at a discount, which helps accelerate supply contraction. Direct incentives and Curve bribes will be suspended until MIM regains its peg. The team stated that it is evaluating additional recovery plans and will announce them in a timely manner.

Data shows that MIM is currently priced at $0.5027, with a 24-hour decline of 36.65%.