Abra is rekt.
There is 12 million dollars in bad debt. Thats total wiped out money from UST cauldrons.
Check it out under borrow section.
Maybe there’s more.
There is 420 million MIM borrowed from Cauldrons. Why does etherscan so like more than a billion?
Is this another UST?
Abra lives off Wonderland.
Putting WL in risk to cover liquidations.
Forcing Wonderland to hold MIM.
Forcing Wonderland to hold Spell.
Spell wont go up. Its going to zero.
Appreciate the clear & concise formatting.
I’m replying so the thread doesn’t auto-close.
Could you elaborate?
Maybe extend the title to Abra / Tether (USDT)?
Why are people asleep at the wheel when it comes to Abra? That piece of crap protocol is and always will be worthless now and UNTIL THE END OF TIME, OR DEFI, WHICHEVER COMES FIRST
This proposal should be titled “Cutting all ties with Dani” if we wish to see a long road ahead. Or we stay associated with the man who has had more to do with the collapse of WL than anyone else on the planet and join the growing cemetery of failed DeFi
To your point regarding Tether: Since the collapse of UST, I’ve been wondering why we are so concentrated in USDT when there are so many disturbing indications that they are smoke and mirrors? I realize a lot is FUD, but why not switch to something like USDC & DAI? While we’re at it, we should ditch MIM as well. It’s next.
Or switch to BUSD? For me it looks like it’s trustworthy.
BUSD should be included in a basket of Stablecoins. Concentrated exposure to a single stable, namely Tether, following the UST wipeout is equivalent to leaving your guards down after taking an uppercut from Mike Tyson only to be saved by the bell. You know that uppercut is coming again, it’s just a matter of time.
Let’s move this conversation to its own thread here:
Think Treasury Manager waiting for multi-sig. Look at it waiting like 2 days for ERC20 currently. A joke.
News. Dani is selling Spell. See. Dani also think Spell going to zero. Cash his bag before then. What to elaborate?
SITUATION IS WORSE
380 Million in MIM, 12 Million in Bad Debt.
So 368 Million vs. 380 Million. That is 0.97 MIM per USD. Even FRAX Better.
We need to address the Convex Vote Situation. No Corruption.
WL isn’t selling SPELL, Dani is.
I’m sooooooo CONFUSED.
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