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🧙‍♂️! Abracadabra V2 is coming.
We’re bringing MIM from a DeFi primitive to a full private banking experience.
Borrow against yield-bearing collateral. Keep upside. Spend privately.
Thread 👇

We're hard at work putting together an action plan for $MIM to help restore peg and improve protocol health.

Roadmap coming this week regarding next steps.

Thank you all for your support and patience.

$MIM Update:

We're grateful to all of the stakeholders in the DeFi ecosystem who have come out of the woodwork to help address the $MIM depeg.

We apologize for the lack of communication and will be communicating an action plan shortly.

Thank you for your patience.

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We're acutely aware of the $MIM depeg and are taking emergency actions to remedy the situation.

Effective immediately, we will begin gradually increasing interest rates across all Cauldrons, including deprecated markets, to encourage debt repayment and reduce outstanding $MIM supply.

The current depeg creates a natural incentive for borrowers to repay debt at a discount, accelerating supply contraction and strengthening the path back to peg.

Direct incentives will be temporarily stopped as well as Curve bribes until $MIM returns to peg.

Our priority is simple: restore confidence, improve market structure, and return $MIM to a healthy (and liquid) peg.

Additional recovery initiatives are being evaluated and will be communicated as they are finalized.

Thank you to everyone supporting the ecosystem during this period.

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Curve bribes are back.

35M $SPELL → MIM-3Pool
35M $SPELL → MIM-2Pool

70M $SPELL total deployed to strengthen MIM liquidity across Curve.

More to come.

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