Abracadabra Money Proposes Interest Rate Hike on Loans to Manage Curve Exposure Risk

08/02 11:40

Abracadabra Money, a cross-blockchain lending platform, has proposed increasing the interest rate on its outstanding loans to manage risks associated with its exposure to Curve (CRV). The platform allows users to earn money by using interest-bearing assets such as CRV, CVX and YFI as collateral to mint a USD-pegged stablecoin called Magic Internet Money (MIM). The proposal aims to apply collateral-based interest to both CRV cauldrons in order to reduce Abracadabra's total CRV exposure to around $5 million borrowed MIM. The proposal has received mixed reactions from the community, with some calling it a great plan to cut down exposure to CRV and others questioning the tactic of modifying loan terms.

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