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Abracadabra Proposes Liquidating MIM, Swapping Collateral for Ether

The proposal cites recoverable backing of about $900,000 versus roughly $21 million of bad debt.

Reported · Written up by our desk · Market Structure

Abracadabra Proposes a Snapshot vote to wind down its MIM protocol, with a process to liquidate the system.

Under the plan, the team would swap whatever collateral remains into ether and then pay MIM holders pro rata.

In its proposal, Abracadabra estimates recoverable backing at about $900,000 against $21 million of bad debt, framing the expected payoff for token holders.

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