MIM/3Crv Pool Ratio on Curve Is Heavily Skewed with $MIM at Over 96%

The MIM/3Crv pool ratio on Curve is heavily skewed, with $MIM currently accounting for about 96% of the pool. Previously, Autism Capital tweeted that last month during the Terra blowup, $12M of bad debt was created by Abracadabra (the protocol behind $MIM) because liquidations couldn't happen fast enough to cover the protocol's $MIM liabilities. This news was swept under the rug. Instead of paying back the bad debt out of the MIM treasury the $MIM core team decided to YOLO market buy $CRV instead. The price of $CRV has been plummeting and with the dashboard down there's no easy way of actually verifying how much bad debt is in the protocol at this point. A couple days ago, the founder of MIM, Dani, created even more bad debt by letting his SPELL position get liquidated. According to TokenInsight data, $MIM is depegged with price falling to $0.96.
Source

Stablecoins

Security Incidents

DeFi

Curve

In This Article

Related News
North Korean hackers use fake Zoom updates to deliver ‘NimDoor’ macOS malware targeting crypto firms North Korean hackers use fake Zoom updates to deliver ‘NimDoor’ macOS malware targeting crypto firms
Wall Street back-office giant DTCC mulls stablecoin integration: report Wall Street back-office giant DTCC mulls stablecoin integration: report
Crypto industry cheers progress in 'historic' stablecoin legislation as Senate advances GENIUS Act Crypto industry cheers progress in 'historic' stablecoin legislation as Senate advances GENIUS Act
Circle secures in-principle approval to operate as money services provider in Abu Dhabi Circle secures in-principle approval to operate as money services provider in Abu Dhabi
Mastercard moves to integrate stablecoins into global payments network Mastercard moves to integrate stablecoins into global payments network
Latest News More More
TON Foundation offers path to 10-year UAE 'Golden Visa' for $100k in staked TON, $35k fee; UAE denies eligibility
2 Days Ago Tether plans further Bitcoin mining expansion in South America with Adecoagro tie up
3 Days Ago JPMorgan's blockchain unit tests new carbon credit tokenization application with S&P Global
6 Days Ago Ethereum community plans onchain ‘time capsule’ to mark 10th anniversary of network’s genesis block
June 25 Circle's post-IPO stock surge pushes market cap near Coinbase and USDC
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open