MIM stablecoin depegs to $0.87 amid liquidity issues

Magic Internet Money (MIM), the dollar-pegged stablecoin issued by DeFi protocol Abracadabra (SPELL), has experienced a depegging event, blockchain security firm Blockaid has warned. Blockaid noted it detected the depegging on Arbitrum, with MIM currently trading at approximately $0.87, a 13% deviation from its $1 peg. The firm explained that the situation appears to be caused by a thin and imbalanced state within the MIM liquidity pool on Arbitrum.