MIM issuer Abracadabra injects $100K into liquidity pool amid depeg

DeFi protocol Abracadabra.money (SPELL) announced on X that it has injected $100,000 worth of its Magic Internet Money (MIM) stablecoin, along with USDT and USDC, into its Curve (CRV) liquidity pool. The move aims to address the worsening depeg of its algorithmic stablecoin from the U.S. dollar. The project explained that the measure is intended to restore balance to the Curve pool after an unexpected liquidity drain caused by a recent change in its DeFi incentive strategy. Abracadabra added that improving MIM's liquidity is now its top operational priority. The protocol also plans to offer a liquidity incentive, starting with an initial supply of 140 million SPELL, on June 18. According to CoinGecko, MIM is currently trading at approximately $0.8232, representing a depeg of about 18%.