🧙‍♂️! 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'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.

$MIM Update: We're grateful to all of the stakeholders in the DeFi ecosystem who have come out of the woodwork to help address the $MIM depeg. We apologize for the lack of communication and will be communicating an action plan shortly. Thank you for your 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. 🧙

Curve bribes are back. 35M $SPELL → MIM-3Pool 35M $SPELL → MIM-2Pool 70M $SPELL total deployed to strengthen MIM liquidity across Curve. More to come. 🧙‍♂️

Live on Stake DAO OnlyBoost. Deposit your @MIM_Spell MIM-2Pool LP to capture the SPELL extra incentives.

$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 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 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.