[MIM Effectively Backed Below $0.04 Per Token, Abracadabra Initiates Proposal for Shutdown and Liquidation Voting] Odaily Planet Daily News: Abracadabra has initiated a proposal vote to shut down the protocol and liquidate MIM, planning to liquidate the remaining assets of the protocol, convert the collateral into ETH, and distribute it proportionally to MIM holders. The team estimates that MIM has executable collateral of approximately $900,000, with bad debt amounting to $21 million. MIM is effectively backed at less than $0.04 per token, with over 95% lacking collateral support. As a CDP stablecoin, MIM is classified as protocol debt, taking priority over the governance token SPELL; until MIM's liabilities are fully repaid, SPELL holds no accounting value.