Crypto HeadlinesBalancer and Abracadabra Shutting Down: Details of Exit from DeFi
Two well-known DeFi projects, Balancer and Abracadabra, are preparing to shut down following a series of incidents.
BAL holders have approved a plan for the gradual closure of the protocol. V3 pools will continue operating until October 30, while treasury fund distribution among token holders will begin in May 2027.
The Abracadabra team proposed liquidating the MIM stablecoin due to insufficient collateral. Following a series of hacks, the protocol was left with only about $900,000 in available assets against 22 million tokens in circulation.
Over 95% of the MIM stablecoin is effectively unbacked by assets, making its shutdown an inevitable step to minimize user losses.
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