DeFi project Abracadabra has proposed an orderly wind-down, citing a string of security incidents that have left its stablecoin MIM with no viable path back to parity. The protocol, which once had a $6 billion TVL, now has $22 million in outstanding MIM supply against only $900,000 in actionable backing, making MIM worth $0.04. The decision follows multiple past exploits totaling $21 million in bad debt, and recent accusations of treasury 'looting' involving significant asset movements.
Blockaid detected an ongoing depeg of the miMATIC token on Polygon, trading approximately 14% below its $1 peg at around $0.86. The depeg is still in progress.
GHO Stewards are proposing parameter updates to address GHO's persistent discount below par. These include raising the Horizon borrow rate, adjusting GHO Stability Module (GSM) burn fees for USDC and USDT, and increasing GSM capacity on Monad Network to support greater GHO minting volume.
StablR's peg broke at the same moment an anomalous mint occurred. Hypernative's Director of Security Engineering discussed the need for integrated monitoring of oracle deviation, depeg, and secondary market health.
Re Protocol's reUSD stablecoin has depegged, trading at $1.1020, which is a 10.20% deviation from its $1.00 peg. This deviation has exceeded the 10% threshold for two consecutive checks.
Stabl.fi Cash (CASH) depegged to $0.8973, a deviation of over 10% from its USD peg. This is the second consecutive check where the deviation exceeded the 10% threshold.
Kolibri USD (KUSD) has broken its USD peg, trading at $1.1014, which is a 10.14% deviation from $1.00. This deviation has exceeded the 10% threshold for two consecutive checks.
Balanced Dollars (BNUSD) broke its USD peg, trading at $1.0320, which is a 3.20% deviation from $1.00. This deviation has exceeded the 3% threshold for two consecutive checks.
