[Abracadabra Proposes Liquidating MIM Stablecoin at Approximately 4 Cents per Dollar] According to a report by Crypto Briefing on September 30, as cited by Jinse Finance, the DeFi protocol Abracadabra has proposed a plan to gradually wind down its over-collateralized stablecoin MIM (Magic Internet Money). The proposal suggests settling outstanding debts at the current market price (approximately $0.04 per token, or about 4% of its face value). MIM has lost over 95% of its peg to $1, trading at around $0.0446 in mid-September, with a self-reported market cap of approximately $4.63 million. Back in June, the token plummeted from $0.74 to around $0.49, and measures such as interest rate hikes, reduced incentives, and the injection of approximately $100,000 to stabilize the price failed to restore the peg. The report highlights that MIM holders may only recover about 4 cents for every $1, while its governance token SPELL will also face a test of confidence.