Abracadabra proposal on 'rate adjustments to CRV cauldrons' fails vote

Odaily Planet Daily News The Abracadabra community, the issuer of the algorithmic stable currency MIM, failed to pass the AIP #13.5 proposal of "adjusting interest rates on CRV cauldrons", with a support rate of only 27.74%. Among them, masterofdisaster.eth cast 10 billion SPELL votes against, accounting for almost 100% of all the votes against. It is reported that the proposal states that, in view of the current large CRV risk exposure of the agreement, it is proposed to apply the collateral-based interest rate to the two CRV cauldrons. As such, the interest rate on the CRV collateral will incorporate a base rate that is determined by the sum of the outstanding principal of the two CRV cauldrons. The actual interest rate will be generated by combining the benchmark interest rate and the interest rate multiplier. The interest rate multiplier depends on the collateral ratio of the cauldrons. If the proposal is approved, all interest will be deducted directly from cauldrons’ collateral and immediately transferred to the treasury of the agreement to increase the DAO’s reserve factor. Once in the treasury, the collateral can be traded on the chain or through Abracadabra One of the off-chain partners converts to MIM.