Abracadabra DAO, the DeFi project behind the long-depegged Magic Internet Money (MIM) stablecoin, has passed a controversial proposal to wind down the protocol on its second attempt after reducing quorum requirements from 3 billion to 300 million SPELL, worth just $26,000.
The proposed “orderly wind down” came less than four months after the DAO passed a “strategic transition of stewardship,” promising to “revitalize Abracadabra… and establish a clear roadmap for the long-term success of SPELL and the broader Abracadabra platform.”
Following a period in which the stewardship team claims it “worked effortlessly” to turn things around, an attempt to shut down the once-$6 billion protocol, in late September, proved controversial.
It put the “actionable backing” of MIM’s 22 million supply at just $900,000 and proposed a resolution for MIM holders of four cents on the dollar.
What wasn’t mentioned, however, were the unexplained outflows worth almost $9 million in June and July. But the proposal was keen to point out the “risk of facing users enforcing a liquidation via legal actions, which is more costly to all stakeholders.”
Last week’s “refined” vote was identical apart from a lower quorum threshold, and was pushed over its newly-defined line thanks to votes cast directly from an address labelled “Abracadabra.Money: MIM Treasury” on Etherscan.
No mention has been made of the $3 million worth of WETH that the address has accumulated in recent days, either, nor whether that sum will be added to the “effective backing” of MIM.
MORE ON ABRACADABRA DAO TREASURY LOOTING IN PROGRESS More Abracadabra shutdown context, because the previous tweet exceeded its character limits.
Source link
