Magic Internet Money (MIM)

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.

🧙

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.

🧙