Abracadabra Proposes Liquidation with MIM Payout at $0.04

Decentralized lending protocol Abracadabra has initiated a Snapshot vote to liquidate the protocol, convert remaining collateral to ETH, and distribute proceeds to MIM holders. With approximately $900,000 in recoverable assets against $21 million in bad debt, holders are expected to receive only about $0.04 per $1.00 of face value if the proposal passes.