$MIM is getting a big liquidity upgrade...
A $MIM - 2Pool gauge proposal is now live on @CurveFinance.
Over the next 7 days, the proposal will go through the Curve governance process. Upon approval, the pool will become eligible for $CRV emissions. Afterwards we'll begin to incentivize the pool with $SPELL and bribe with @StakeDAOHQ to help bootstrap gauge weight and liquidity incentives.
MIM - 3pool will no longer be incentivized and incentives will be directed to the new pool.
This is a big step in improving and deepening liquidity around MIM. Thanks to everyone supporting @MIM_SPELL's return to growth.
V2 is expected to deploy in two phases:
→ Q2 Beta
→ Q3 Full release
Key features include borrowing up to 90% LTV, private spending debit cards, ZK privacy pool, and web/mobile neo banking interfaces.
This RFC discusses pace, structure, and aggressiveness of interest rate increases for V1 cauldrons.
The objective is to reach high borrowing rates within a 30-60 day period to:
→ Improve MIM peg stability.
→ Consolidate liquidity.
RFC: The Transitioning from V1 to V2
→ Consolidate MIM liquidity ahead of V2 deployment.
→ Encourage migration with rising cauldron borrowing rates.
→ Optimize both reserves and revenue ahead of transition.
forum.abracadabra.money/t/rfc-1-gradua…
🧙♂️! 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 👇
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.
etherscan.io/tx/0xbaede1ddb…
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.
The 7-day grace period for Staking V2 migration has ended.
V1 vaults remain migratable but no longer earn $CRV rewards.
Staking V2 and Onlyboost provide instant maximum boosted $CRV rewards, no dilution, and zero withdrawal loss.
Migrate now to maintain your yield on the
Migrate to Staking V2: @MIM_Spell $MIM / 3Crv
Stake DAO’s new infrastructure offers the same Curve gauge UX while earning max-boosted CRV rewards thanks to OnlyBoost.
Migrate before 09/09 to avoid missing rewards.
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