MIM is effectively backed at less than $0.04 per token, Abracadabra launches vote on shutdown and liquidation proposal

Odaily News: Abracadabra has initiated a proposal vote to shut down the protocol and liquidate MIM, planning to liquidate the protocol's remaining assets, convert collateral into ETH, and distribute it proportionally to MIM holders.

The team estimates that MIM has approximately $900,000 in executable backing, with bad debt amounting to $21 million. MIM is effectively backed at less than $0.04 per token, with over 95% lacking collateral support. As a CDP stablecoin, MIM constitutes protocol liability with priority over the governance token SPELL; until MIM liabilities are fully repaid, SPELL holds no accounting value.