DeFi lending protocol Abracadabra has proposed to hike interest rate by 200% to manage its $18 million exposure to CRV.
increasing the interest rate on its outstanding loans to manage risks associated with its exposure to Curve DAO . The proposal drew mixed reactions from the community, with several questioning the modification of loan terms, while others called it a great plan to cut down exposure to CRV.
Curve Finance founder Michael Egorov has nearly $100 million in loans across various lending protocols backed by 427.5 million CRV, which is 47% of the total circulating supply of CRV tokens. The Curve founder has 51.65 million CRV collateral and 14 million MIM debt positions on Abracadabra. In order to address this issue a new proposal has been made to apply collateral-based interest to both CRV cauldrons. Cauldrons allow users to borrow MIM using another asset as collateral and each cauldron is collateral specific.
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