Abracadabra breaks its DAO to shut down protocol

Abracadabra DAO, the DeFi project behind the long-depegged Magic Internet Money (MIM) stablecoin, has passed a controversial proposal to wind down the protocol on its second attempt after reducing quorum requirements from 3 billion to 300 million SPELL , worth just $26,000. The proposed “orderly wind down” came less than four months after the DAO passed a “strategic transition of stewardship,” promising to “revitalize Abracadabra… and establish a clear roadmap for the long-term success of SPELL and the broader Abracadabra platform.” Following a period in which the stewardship team claims it “worked effortlessly” to turn things around, an attempt to shut down the once-$6 billion protocol , in late September, proved controversial .

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