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THE BLOCK: Abracadabra $SPELL governance is considering an orderly wind-down of the protocol, with a proposal citing roughly $21 million in $MIM bad debt. The proposal would liquidate recoverable collateral and distribute it to borrowers and MIM holders before shutting down the protocol.
We're hard at work putting together an action plan for $MIM to help restore peg and improve protocol health. Roadmap coming this week regarding next steps. Thank you all for your support and patience.
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 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. 🧙
$MIM liquidity is back on the menu. As one of DeFi's longest-running participants, we're doubling down on incentives for the next era of @MIM_Spell And we're putting our money where our mouth is: 70m $SPELL has been deployed to incentivize the MIM-2Pool on Curve. We're actively rebuilding liquidity, increasing market depth, and strengthening the foundations of the MIM ecosystem. This is only the beginning. More initiatives incoming... 🧙♂️🌙
$MIM iquidity is back on the menu. As one of DeFi's longest-running participants, we're doubling down on incentives for the next era of @MIM_Spell And we're putting our money where our mouth is: 70m $SPELL has been deployed to incentivize the MIM-2Pool on Curve. We're actively rebuilding liquidity, increasing market depth, and strengthening the foundations of the MIM ecosystem. This is only the beginning. More initiatives incoming... 🧙♂️🌙
$MIM Liquidity Strategy Update Today we funded a new Curve liquidity pool for $MIM with an initial allocation of $100,000 of MIM, USDT, and USDC. This will serve as a base for liquidity to restore balance across Curve Pools after unexpected liquidity withdrawals due recent DeFi incentive strategy changes. Improving $MIM liquidity is currently our highest operational priority and we're backing it with our balance sheet. This new pool increases available market depth and lays the foundation for additional liquidity initiatives already in progress. We're also preparing a new round of liquidity incentives, with an initial tranche of 140,000,0000 $SPELL returning Thursday, June 18th, to further strengthen liquidity across the ecosystem. Recent market dislocations have highlighted the importance of deep and resilient liquidity. We're taking active steps to address that and will continue sharing updates as additional initiatives go live and additional partnerships are announced. More to come. @MIM_Spell is back. DeFi is back.
$MIM Liquidity Strategy Update Today we funded a new Curve liquidity pool for $MIM with an initial allocation of $100,000 of MIM, USDT, and USDC. This will serve as a base for liquidity to restore balance across Curve Pools after unexpected liquidity withdrawals due recent DeFi incentive strategy changes. Improving $MIM liquidity is currently our highest operational priority and we're backing it with our balance sheet. This new pool increases available market depth and lays the foundation for additional liquidity initiatives already in progress. We're also preparing a new round of liquidity incentives, with an initial tranche of 140,000,0000 $SPELL returning Thursday, June 18th, to further strengthen liquidity across the ecosystem. Recent market dislocations have highlighted the importance of deep and resilient liquidity. We're taking active steps to address that and will continue sharing updates as additional initiatives go live and additional partnerships are announced. More to come. @Spell_MIM is back. DeFi is back.
LEGACY UPDATE: Banker Joe MIM market is being wound down. The $MIM oracle price feed used by Banker Joe is being deprecated in the coming days, requiring all related positions to be closed. The protocol will automatically close all remaining MIM positions soon: 🔹For Suppliers → deposits will be redeemed and sent to escrow for users to claim 🔹For Borrowers → necessary collateral will be liquidated at a reduced 1% fee to repay debt. Any remaining MIM collateral will also be sent to escrow for claiming Borrowers who wish to avoid automatic position closure are recommended to repay as soon as possible.
Network update: V2 launches on Ethereum. Stablecoin model remains MIM-only.
🧙♂️! Abracadabra V2 is coming. We’re bringing MIM from a DeFi primitive to a full private banking experience. Borrow against yield-bearing collateral. Keep upside. Spend privately. Thread 👇
We regularly monitor assets supported in Coinbase Prime Vaults to ensure they align with our standards. Following a recent review, on 27 March 2026, on or around 2 PM ET, we are suspending Prime Vault wallet support for: NOIA, DVI, PSP, BZRX, NATION, CBAT, EWTB, UMEE, DAD, RFOX, SQT, VR, LMR, CETH, GRID, DAO, SURE, UXP, BFC, YOUC, MFG, FXC, LUNR, PHA, SOFI, MIM, J, TITAN, ELON, BETA, OM, CREAM, MTA, CQT, DPX, UBT, LTX, DOGEGF, STAKE, PUSH, INXT, AGI, LST, ANTV1, CVP.
On Saturday, a security vulnerability was discovered that affected some V4 deprecated cauldrons on Ethereum mainnet. During the attack, 1.79m MIM were minted by the attacker. Shortly after, the DAO Treasury identified and mitigated the vulnerability, confirmed no other cauldrons or users funds were at risk, and bought back from the Market the entirety of affected MIM, completely reversing the effect of the attack. https://t.co/OQjoCnWcJu During the incident, no users funds were lost, and the effect has now been already full mitigated. Despite the relatively small impact of such incident, cauldron borrowing is currently disabled as we review the current codebase for the future upcoming deployments. Any information that would lead to the identification of the hacker would be eligible for our bug bounty program. All systems are stable and will be reviewed.
🚨 GoPlus Security Alert: The lending and stablecoin platform Abracadabra ( $SPELL ) appears to have been attacked again, with losses of approximately $1.77 million. Its official Twitter account @MIM_Spell has not been updated since September 9. Attacker Address: 0x1AaaDe3e9062d124B7DeB0eD6DDC7055EFA7354d Attack Contract: 0xB8e0A4758Df2954063Ca4ba3d094f2d6EdA9B993 (Self-destructed after the attack) Attacked Contract: 0xd96f48665a1410c0cd669a88898eca36b9fc2cce (https://t.co/65LzGfczQp: Degenbox) Attack Transaction: https://t.co/bLrCGKmUKm After completing the attack transaction, 51 ETH was transferred to TornadoCash. The attacker's address (0x1AaaDe) still holds 344 ETH (~$1.55 million) that has not been moved. ⚠️ The team later responded in the Discord community, stating that DAO reserve funds will be used to repurchase the affected $MIM. However, the official Twitter account @MIM_Spell has not been updated since September 9. 📅 Abracadabra Money has been attacked twice before due to contract vulnerabilities: 1️⃣ On January 30, 2024, a flash loan attack exploiting a rounding calculation vulnerability in the contract resulted in a loss of approximately $6.5 million, causing the MIM stablecoin to depeg. 2️⃣ On March 25, 2025, a hack exploiting a business logic vulnerability during collateral liquidation led to a loss of approximately $13 million.
🧙♂️! MIMSwap is now live on @NibiruChain ! 🌋✨ We're thrilled to bring Abracadabra's stablecoin AMM tech to one of the most exciting new chains in the ecosystem. MIMSwap offers low-slippage, capital-efficient swaps designed specifically for stable coins. Launching on Nibiru allows us to showcase how powerful this technology can be on a high-performance chain built for DeFi. Expect new LP opportunities and more omnichain integrations soon!🔮
3/ 🌁! 🔄 Move funds seamlessly between ecosystems 💸 Access DeFi protocols on different chains 🧱 Use MIM where you need it, when you need it—without swaps or relays Omnichain stablecoins = better capital efficiency.
🧙🏼♂️! $MIM has landed on @NibiruChain! ✨ You can now mint $MIM and beam it to Nibiru and cross-chain with ease. Using LayerZero-powered Beaming, users can transfer $MIM to send it to/from other chains like Ethereum, Arbitrum, and more without wrapping and bridging!🔥
🧙🏼♂️! The Abracadabra Money DAO will incubate @PurrSwap_ , leveraging Abracadabra’s existing @MIMSwap technology to be the go-to AMM for stable assets in the HyperEVM ecosystem. We’re hosting an X space to prepare the @MIM_Spell and @HyperliquidX communities for the launch of… x.com/PurrSwap_/stat… Quote [@PurrSwap_](https://www.twitter.com/PurrSwap_/status/1911791999906197985) > PurrSwap is teaming up with @MIM_Spell to discuss our upcoming launch and our exciting plans for the @HyperliquidX ecosystem. > Tune into @MIM_Spell this Wednesday at 3 PM EST to hear from @0xRomy of Abracadabra 🧙♂️ and @0xbeartic, a core contributor at PurrSwap. 😺 > Don’t miss this…
Abracadabra: The gmCauldrons product was hacked yesterday, resulting in a loss of approximately 13 million MIM (~6,000 ETH). The DAO treasury has urgently utilized a portion of its assets to repurchase 6.5 million MIM, accounting for 50% of the total loss, with the remaining… x.com/WuBlockchain/s… Quote [@WuBlockchain](https://www.twitter.com/WuBlockchain/status/1904504476486230284) > According to PeckShield monitoring, GMX and @MIM_Spell related contracts have been hacked, losing about 6,260 ETH (worth $13M). GMX said: GMX contracts are not affected. It relates to Abracadabra/Spell's cauldrons based on GMX V2's GM pools. The contributors are currently looking…
Hacker steals $13 million in Abracadabra's 'Magic Internet Money' seemingly using a flash loan attack theblock.co/post/348059/ha…
GMX(@GMX_IO) and @MIM_Spell related contracts were hacked for ~6,262 $ETH($12.9M). arbiscan.io/address/0xaf9e… The hacker has bridged 6,262 $ETH to #Ethereum and transferred to 3 new wallets. etherscan.io/address/0xa8f8… etherscan.io/address/0x047c… etherscan.io/address/0x0181… pic.x.com/qvbO5gm7aW
According to PeckShield monitoring, GMX and @MIM_Spell related contracts have been hacked, losing about 6,260 ETH (worth $13M). GMX said: GMX contracts are not affected. It relates to Abracadabra/Spell's cauldrons based on GMX V2's GM pools. The contributors are currently looking into the cause. x.com/Jonas_ALA/stat…
1/ 🧙♂️! AIP #67 has passed! 🚀 Introducing the FIRST Liquidity Marketplace powered by MIM technology from @MIM_Spell, built on HyperEVM @HyperliquidX. Welcome @PurrSwap_!😸 This is a HISTORIC moment for the Abracadabra DAO as it incubates its first AMM on one of the most exciting and fastest growing ecosystems in all of crypto! 🎉 Through this incubation, Abracadabra is positioning itself at the forefront of HyperEVM’s infrastructure and ensuring that MIM and @PurrSwap_ become the liquidity and trading hub backbone of HyperEVM. ⚡ Hyperliquid’s momentum is undeniable, HyperEVM is its exciting new frontier and @PurrSwap_ is the DEX that will solve a critical piece of the puzzle going forward. 🧩 🧙🏼♂️+😸=📈
🧙🏼♂️! Q5 is finally here. MIM/Honey @KodiakFi @InfraredFinance Boyco vaults are now live for deposits! The chain has a bear and $MIM on it. 🅱️ullish👇🏻 boyco.berachain.com/market/1/0/0x9… x.com/berachain/stat… Quote [@berachain](https://www.twitter.com/berachain/status/1884046557848432997) > Henlo, and furthermore, Boyco.
🧙🏼♂️! @elixir 🤝🏼 @MIM_Spell Following the successful passing of SAIP #54.3, the Minimum Collateral Ratio (MCR) for our $sdeUSD cauldrons has been raised to 90%, making all open positions healthier!✅🔥👇🏻🏛️ forum.abracadabra.money/t/saip-54-3-in… 1.22m $MIM are available to be looped up, with…
🧙🏼♂️! Our Single-Sided gmCauldrons are now live on @arbitrum with 1m MIM caps each ready for you to loop up this dip!🔥 @GMX_IO 🤝🏼 @MIM_Spell 🤝🏼 @chainlink Leverage up on your single sided gmBTC and gmETH while remaining exposed to the yield produced, and paying fixed interest rates!👀🔮 app.abracadabra.money/#/market/42161… The single sided gmCauldrons are powered by @chainlink oracles to price the underlying BTC and ETH!
🧙🏼♂️! The largest single top up for our $sdeUSD cauldron just happened!🔥🔮 5m $MIM are available to be minted by @elixir's users!👀🔮 app.abracadabra.money/#/market/1/44?… $sdeUSD top ups are selling our fast, so act accordingly!👀🔥👆🏻 Quote [@MIM_Spell](https://www.twitter.com/MIM_Spell/status/1866803831394513195) > 1/🧙🏼♂️! > > @elixir 🤝🏼 @MIM_Spell > > Our $sdeUSD V2 cauldron just received a 2m top up!🔮 > > Farm up to 120% base APY + Elixir's Potions, all in one place!🧪 > > app.abracadabra.money/#/market/1/44?… > > $sdeUSD top ups are selling our fast, so act accordingly!👀🔥👆🏻
🧙🏼♂️! 190% base APY and 29.9x Potion farming!👀🔮 Our staked deUSD cauldron just got a $2M MIM top-up!🔥 1️⃣ Get deUSD on Curve: curve.fi/#/ethereum/poo… 2️⃣ Stake on Elixir in the Apothecary:: elixir.xyz/apothecary 3️⃣ Loop your $MIM position against your staked deUSD to unlock up to a 190% base APY and 29.9x Elixir Potion Multiplier👇🏻🪄 app.abracadabra.money/#/market/1/44
🧙🏼♂️! Our gmCauldrons are selling out fast, with just a few millions MIM available for our $gmSOL and $gmETH market!🔥 A new top up may be coming soon Anon, stay ready!👀 @GMX_IO twitter.com/MIM_Spell/stat… Quote [@MIM_Spell](https://www.twitter.com/MIM_Spell/status/1853814531740533210) > 🧙🏼♂️! > > @GMX_IO 🤝🏼 @MIM_Spell > > Our gmCauldrons on Arbitrum are getting a fresh top-up soon, and the reduced borrow fee is live! 🔥 > > app.abracadabra.money/#/cauldrons > > Mint and loop seamlessly with gmBTC, gmETH, and gmSOL natively on @arbitrum – all with just a 0.3% minting fee! 🔮
🧙🏼♂️! Our $ZRO cauldron is now live using @chainlink price feeds!🔥 @MIM_Spell 🤝🏼 @LayerZero_Core 1m $MIM are available to be minted on @arbitrum!🔮 Mint it now!👇🏻 app.abracadabra.money/#/market/42161…
🧙🏼♂️! Our brand new USD0++ cauldron in partnership @usualmoney is now live!🔮 Use USD0++ as collateral to mint $MIM and leverage up your pills earning!🔥 Join it now!👇🏻 app.abracadabra.money/#/market/1/45 Leverage pills farming cauldrons are expected to be selling out fast, so make sure…
🧙🏼♂️! Staked deUSD Top Up Alert!🚨 Another 1M $MIM top up is heading your way!🔥 The 24-hour timer starts NOW! ⏳ With our cauldron delivering up to 29.9x Potion rewards (versus the usual 5x boost), this remains the prime opportunity to earn @elixir Potions! 🧪 Deposit your…
Our new staked deUSD cauldron just got a $3M MIM top-up! Grab your deUSD and stake it in the Apothecary: 1️⃣ Swap deUSD on Curve: curve.fi/#/ethereum/poo… 2️⃣Stake on Elixir: elixir.xyz/apothecary Borrow $MIM against your staked deUSD or use leverage to unlock up to a 29.9x…
🧙🏼♂️! A new staked deUSD cauldron is now live for deposits, with a $3M $MIM top-up just around the corner! Check out the cauldron below: 👇🏼 app.abracadabra.money/#/market/1/44 The countdown has officially begun 🧙🏼♂️! Dive into our new staked deUSD cauldron, where you can obtain up to 29.9x…
🧙🏼♂️! @MIMSwap 🤝🏼 @elixir We’re thrilled to announce the launch of @MIMSwap on Ethereum Mainnet with our $MIM / $deUSD pool!🔮 The pool already achieved $2m in TVL, and is eligible for a 5x Elixir Potion boost with more rewards coming soon!🧪👀 Become one of the first LPers,…
🧙🏼♂️! @MIMSwap is now deployed on @KAVA_CHAIN!⛓️💥 Enjoy $KAVA rewards on our first $MIM - $USDT pool now, currently sitting above the 137% mark!💦👇🏻 app.abracadabra.money/#/pool/1/2222 20,000 $KAVA tokens have been deposited for the first week, with more coming SOON ™️!👀
🧙🏼♂️! The $MIM - $fxUSD pool on @CurveFinance, launched together with @protocol_fx is now ready for deposits and farmers!🔥 Enjoy it!👇🏻 twitter.com/protocol_fx/st… Quote [@protocol_fx](https://www.twitter.com/protocol_fx/status/1807336417376280999) > Have the @MIM_Spell 🧙♂️'s done some spells on the MIM-fxUSD pool? 👀 > Up to 1,600% APY 👇 > fx.aladdin.club/earn/
1/🧙🏼♂️! @MIMSwap stableswap infrastructure is now live on @arbitrum with the first $MIM - $USDT Pool!👇🏻 app.abracadabra.money/#/pool/1/42161 15m $SPELL have been added as LPers rewards, with further ARB rewards coming from the STIP program coming early next week!🔥 To join👇🏻 1️⃣LP on…
🧙🏼♂️! Abracadabra’s First @Blast_L2 Gold Distribution Completed!🏆 More than 98k Gold have been distributed towards $12.6M @MIMSwap LPs, with over 1659 addresses participating!🔮 Get ready for the next distribution, starting as soon as more Gold becomes available!🔥
🧙🏼♂️! Abracadabra @arbitrum STIP has ended with an overwhelming success!👇🏻 🔵 Liquidity KPIs met and exceeded 🔵 $MIM native borrows peaked at 28.1m 🔵 26% of $MIM supply residing on @arbitrum Check out all the details in this final forum report!👇🏻🔥 forum.arbitrum.foundation/t/how-the-stip…
🧙🏼♂️! Make sure to follow tomorrow’s Twitter space about the upcoming STIP Bridge proposal pushed forward by @SavvyDeFi!🔥👇🏼 twitter.com/savvydefi/stat… Quote [@SavvyDeFi](https://www.twitter.com/SavvyDeFi/status/1778161611171074343) > The updated @arbitrum STIP Bridge proposal is now live on the @DAO_Arbitrum forum! > > Want to learn more? > > 🚨 Join us on Thursday, April 11th at 5pm UTC (1pm EST) for the open delegate call! > > 🛝We’ll be joined on stage by delegates such as : @coinflipcanada of @GMX_IO,…
🧙🏼♂️! Enjoy LPing on the $mim-3crv pool on mainnet, optimising your position between @StakeDAOHQ and @ConvexFinance!🔮 APYs currently sitting above the 52% mark!👀🔥👇🏻 twitter.com/StakeDAOHQ/sta… Quote [@StakeDAOHQ](https://www.twitter.com/StakeDAOHQ/status/1776190757067448356) > 🧙♂️ Onlyboost is now activated for the @MIM_Spell $MIM / 3CRV Curve pool. > > What's Onlyboost? It's a product that optimizes your position between @ConvexFinance and @StakeDAOHQ to secure the best $CRV yield in one spot! 🐘👀
🧙🏼♂️! @MIMSwap UI is now live and deployed, allowing for the first swapping avenue for $MIM on @Blast_L2!🔥 app.abracadabra.money/#/mim-swap Our first GOLD distribution is also coming soon, rewarding MIMswap LPers!🔮 20% of all GOLD distributed will be awarded to Founders alone!🏆
3/🪄 The next 14 days post Phase 3 initiation and MIMSwap launch are critical. 👇🏻 Lock your LP to secure the Founder’s Boost ♻️
1/ 🧙🏼♂️! Today, we step into Phase 3 and the launch of MIMSwap. This moment marks a significant milestone in our journey and the last chance to secure the Founder's Boost!🧵👇🏻🔥 mirror.xyz/0x5744b051845B…
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