Abracadabra Regarding the proposal for "Adjustment of CRV cauldron interest rates" not passed

2023-08-03 14:18:45

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ChainCatcher news, the proposal from the Abracadabra community, the issuer of the algorithmic stablecoin MIM, regarding "interest rate adjustments for CRV cauldrons" has not passed, with a support rate of only 27.74%. Among them, the whale masterofdisaster.eth cast 10 billion SPELL votes against the proposal, accounting for almost 100% of all opposing votes.

Previously reported, the proposal aimed at addressing the significant CRV risk exposure currently faced by the protocol, suggesting the application of a collateral-based interest rate to the two CRV cauldrons. As a result, the interest rate for CRV collateral would include a benchmark interest rate, which depends on the sum of the outstanding principal of the two CRV cauldrons. The actual interest rate would be generated by combining the benchmark interest rate and the interest rate multiplier. The interest rate multiplier would depend on the collateral ratio of the cauldrons.

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