Deep Tide TechFlow message: On September 30, the Abracadabra community is voting on a proposal for an orderly shutdown protocol and the liquidation of the stablecoin MIM (Magic Internet Money). The proposal states that, due to multiple prior hack attacks and other factors, the protocol currently has $21 million in bad debt. The circulating supply of MIM is nearly $22 million, while the value of executable collateral is only about $0.9 million. The effective asset reserve ratio is already below 4%, and there is no feasible path to restore a peg.

According to the liquidation plan, the protocol intends to convert all types of collateral in the treasury into wrapped Ether (WETH) and distribute it proportionally to users via a Merkl smart contract. Borrowers will receive the remaining value after their deposited collateral is reduced by the corresponding debt (priced at $1 per MIM). MIM holders will receive the remaining funds allocated for repaying debt based on their share of the snapshot balance; at present, it is currently expected that each MIM corresponds to approximately $0.04. After an open claim period of 6 months, any unclaimed assets will first be used to compensate already-claimed MIM holders (up to a $1 face value); any remaining balance will then be distributed to borrowers according to their debt proportion. Once the liquidation process is fully completed, the protocol will officially stop operating, and the team will no longer bear responsibility for technical and legal maintenance.