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6/ These pricing changes will be good for our $SPELL holders, good for our treasury, good for the $MIM peg, and good for DeFi. Now is the time to focus on sustainability. #WAGMI
5/ Much of DeFi is still unsustainable, relying entirely on new money coming in (ponzi) or inflationary tokens that will run out before the next cycle. It’s easy to sweep these flaws under the rug during a bull market, but they’re impossible to ignore in the bear market.
4/ Going forward, we will adjust our take rate based on the yield we produce vs. competitors, the underlying risk, and the cost of pegging $MIM. For Stargate, we are taking 50% commission. This may seem high, but with 20x leverage on an 8% USDT strategy, users still net 80%.
3/ When $UST collapsed, we were left with $12M of bad debt on our balance sheet. Lesson? Our prices did not reflect the underlying risk we were taking. We should have been charging more during the good times so that we are able to survive the bad times.
2/ When we launched the $UST strategy, users were farming with 100%+ APY. Cauldron top-ups were instantly snatched up by bots and degens. This was a sign that demand was much higher than supply. Lesson? Our prices had to be adjusted to find balance between supply and demand.
1/ Abra continues to produce the most incredible yields in DeFi. Yesterday, we refilled our Stargate USDC and USDT cauldrons. Both were depleted within an hour. This reminded me of our famous (now infamous) $UST strategy. Some lessons learned and changes we’re making 👇🏻
Abra Cadabra🪄 Now you can investigate transfers of#ETHH between holders in $MIM and $SPELL along with: 🔹 Token distribution 🔹 Clusters 🔹 USDC, USDT, and token transfers Welco@MIM_Spellpell! 🙌 Links belapp.bubblemaps.io/eth/token/0x09…DMapp.bubblemaps.io/eth/token/0x99…U2ul5qy
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My dream on Twitter is to do a 1/69 🧵🥹
10/ As the situation improves, expect more and more $MIM available to be borrowed across the board. Follow @MIM_Replenishes to be up to date with the latest replenishments!
9/ The MIM-3pool is currently sitting at slightly more than $150m in TVL (66% MIM, 34% 3crvs), and $MIM is trading at $0.999. We will be increasing the allowances on a handful of cauldrons, starting with Stargate USDT and Stargate USDC.
8/ We also have a massive pipeline of upcoming partnerships with various AMMs and projects that will increase rewards for LPers on our MIM pools across the board. Stay tuned for more details.
7/ While many are choosing to FUD, we are choosing to build. Our devs have been working behind the scenes to roll out an upgraded cauldron smart contract that lets us adjust interest rates on the fly. We can now incentivise users to repay their loans faster if $MIM depegs.
6/ One important lesson we have learned through these depeg events is that our loan parameters must be dynamic with respect to the $MIM peg. The farther away $MIM is from $1, the more these parameters, like interest rate, will need to be adjusted.
5/ In the last year, the $MIM peg has been tested several times, but each time, the arbitrage mechanic has worked to push $MIM back to $1. We can also see that these events were caused by an imbalance in the MIM-3pool liquidity due to an increase in market uncertainty.
4/ This creates a natural arbitrage mechanic for borrowers on Abracadabra. When the price of $MIM drops, it becomes advantageous to repay borrowed $MIM. For example, if $MIM trades at $0.95, then swapping 95 $USDT gets you 100 $MIM, and pushes $MIM price up while doing so.
3/ As people borrow $MIM and swap it for other stablecoins, the $MIM price will decrease relative to its natural $1 peg. On the other hand, as people swap stablecoins into $MIM (to repay their loans), the $MIM price will increase.
2/ The price of the $MIM stablecoin is decided by the market and, most of the time, fluctuates slightly around its natural $1 peg. The main $MIM market is currently the MIM-3crv pool on Curve finance, where $MIM is priced against 3crv tokens i.e $DAI, $USDC and $USDT.
1/ 2022 is shaping up to be one of the most turbulent years for crypto and especially for DeFi. Optimism across crypto has evaporated and trust is at an all-time low. Despite all the chaos, $MIM has shown huge resiliency and has proven that our product works. A 🧵 on $MIM👇🏻
. @Wonderland_fi is back with more tech and less talking. I am back too. And I don't fucking care if you like it or not, TIME is now for MAGIC to happen.
Dashboard is up you can check $MIM collateralisation here. $MIM is NOT an ALGO Stablecoin. Is over-collateralised twitter.com/MIM_Spell/stat…
During bear market is better to: 1) Build new products and release them or 2) Build new products and wait for the market to turn to release them
The number of DMs I got about this 😂 Lads MIM isn’t UST it’s backed and tons of it is minted against like eth and stables It does not have the best mechanisms to hold peg but it’s not going to 0 or anything like thattwitter.com/crypto_condom/…H
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This is a 💩 take so Im calling it out. First, I dont own $SPELL, but@MIM_Spelll is sound & I still use it. Let's fact ✅: 1⃣ Abra has $480M TVL to $300 MC 2⃣ Bad debt is $12M per@parsec_financee 3⃣ Even if you're an idiot you should know this means insolvency isnt happeningtwitter.com/AutismCapital/…hT
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@AutismCapital treasury has more money than the debt and $CRV are valuable for the protocol. You can spread FUD try to recover your losses from shorting a bit but this strategy won't do good to your capital. We had issues with analytics for a while before this. Plus Luna airdrop . Byee
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Hosting a Community Call / AMA here: discord.com/events/8846502… Topics: Merger? Abracadabra New Narrative and Strategy . 🐸✊
We need more good news on crypto, what a fucking shit week we had. I even had Corona during the $UST situation
Russia will legalize cryptocurrency payments “sooner or later,” according to the Minister of Industry and Trade of the Russian Federation, Denis Manturov. buff.ly/3LxeEJH
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.@danielesesta caught a ton of shit on CT but abracadabra/ $spell was a damn good protocol change my mind.
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Abracadabra $MIM got out 1.3B of $UST from the system, no issues. Another test passed. FUD what you want I keep building
Spot on I see FUD on $MIM being collateralised with $UST but instead system worked on liquidations as expected . twitter.com/Cryptoyieldinf…
@danielesesta @stablekwon There are two people in this world. People who actually do something and those who only bash/fud other peoples work because they don’t do it themselves.
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So much drama around $UST but the reality is that @stablekwon had the balls to bring an experimental Algorithmic Stablecoin to more than 10B in circulation, something that most of the Clowns here on CT will never have the balls to do. The fact it will work or not doesn't madder.
What brand of Printers do you prefer?
If you noticed all this new cauldrons are 0% interest? That's because Abra now makes money with management fees. If I allow you to make 100% APY we take a cut ;) much better pricing model and can't be beaten up by any other stable coin protocol.
1/🧙🏼‍♂️! Our $USDT and $USD@StargateFinancece cauldrons have arrived!🔮 T#Degenboxbox strategy to farm $STG rewards is coming in the upcoming days, but deposits are now open and limited to 2M $MIM per address!🔥👇🏻 $USabracadabra.money/pool/32Vtt9w59s $abracadabra.money/pool/31JRcIP1Xny9p
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UI telling you that your 30x leverage position is "medium" risk hits different. twitter.com/MIM_Spell/stat…
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Happy to see printooor mode activated again. All new Cauldrons filled in minutes.
As long as you're willing to pay the slippage you can join in, just mind that on Degenbox the fees are collected from performance fees that are dynamic. In case peg is close to be too low than we would make it so you will have to repay it. Have fun Degens
This new cauldrons are part of a new strategies and are made to rotate out of $UST the availability into new opportunities. As MIMs are paid back the pool rebalances and generates an automatic market of offer-demand to this higher return farming opportunities.
With the launch of the new Stargate cauldrons please be careful with MIM swap Slippage. The imbalance on the pool does not matter for the peg but madders for your profitability! APY variates a lot based on the price you swap your MIM to the relative USDT or USDC.
Nobody said that building cool and innovative shit was an easy Journey
$MIM has been the only stable coin so far that has no PSM or hard collateralization with centralised stable coins holding the peg strong in all market conditions. Mathematics and code win always in the long run.
Fudsters Fudding $MIM and Abracadabra. All liquidations went on and so far all is looking clean and not underwater at all. System working well as expected. de-risked weeks ago. Paid off. Dashboards that claim otherwise are just lagging due to lack of precision.
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