{"id":545524,"date":"2023-08-02T18:00:44","date_gmt":"2023-08-02T18:00:44","guid":{"rendered":"https:\/\/wncen.com\/?p=545524"},"modified":"2023-08-02T15:04:31","modified_gmt":"2023-08-02T15:04:31","slug":"abracadabra-protocol-to-counter-crv-risk-with-200-interest-rate-hike","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/abracadabra-protocol-to-counter-crv-risk-with-200-interest-rate-hike\/","title":{"rendered":"Abracadabra Protocol To Counter CRV Risk With 200% Interest Rate Hike"},"content":{"rendered":"

DeFi lending protocol, Abracadabra Money, is currently debating a proposal to boost the interest rate in its CRV lending markets as it looks to mitigate its exposure to the DeFi token.\u00a0<\/span><\/p>\n

In the last few days, CRV\u00a0 has seen its value decline significantly due to the recent Curve Finance exploit on Sunday, which resulted in a total loss of over $60 million. According to data from CoinMarketCap,<\/a> CRV is currently trading at $0.56, with an 8.28% loss in the last 24 hours.<\/span><\/p>\n

Abracadabra Exposed To Significant CRV Risk Levels<\/span><\/h2>\n

In a governance proposal<\/a> submitted on Aug 1, DAO contributor and community manager Romy highlighted that Abracadabra was currently exposed to a substantial level of CRV risk.<\/span><\/p>\n

To address this situation, the proposal contains a strategy that introduces collateral-based interest to both CRV cauldrons – lending markets – on Abracadabra.<\/span><\/p>\n

Related Reading: Ethereum DeFi Coins Plunge As Curve Concerns Threaten Major Market Crash<\/a><\/p>\n

Romy stated that Curve Finance, the underlying platform of CRV, has seen its TVL negatively affected over the last month by several events, including the Conic Finance Hack, the JPEG\u2019d exploit, and the attack on Curve itself.\u00a0<\/span><\/p>\n

In particular, Romy noted that the theft of $25 million from Curve\u2019s CRV\/ETH pool had impacted the on-chain liquidity for CRV, altering the conditions that led to the adoption of the token as a collateral asset on Abracadabra.\u00a0<\/span><\/p>\n

In addition, the proposal also noted that Abracadabra had recorded CRV outflows toward markets with lower Loan-to-Value (LTV) ratios and higher interest rates. Together, all these factors have affected CRV\u2019s price and liquidity, prompting the need for Abracadabra to reduce its exposure to the token.<\/span><\/p>\n

 <\/p>\n

\"Abracadabra\"CRV trading at $0.558 on the daily chart: Source: CRVUSD chart on Tradingview.com<\/a><\/span><\/pre>\n
Abracadabra\u2019s Proposed Strategy To Introduce 200% Interest Hike<\/span><\/h2>\n
As earlier stated, Romy\u2019s governance proposal aims to cover Abracadabra CRV\u2019s risk by applying collateral-based interest to the two CRV lending markets on the platform. It was stated that this strategy had been previously implemented<\/a> with the WBTC and WETH cauldrons.\u00a0<\/span><\/p>\n
This introduction of collateral-based interests would allow Abracadabra to levy interest directly on each CRV cauldron\u2019s collateral which is directly transferred to the protocol\u2019s treasury and converted to Abracardra\u2019s native stablecoin MIM, either via on-chain or off-chain transactions.\u00a0<\/span><\/p>\n
Related Reading: Is It A Good Idea To Buy Curve Now? Here\u2019s What This Founder Thinks<\/a><\/p>\n
Based on projections, Romy stated that this strategy would allow Abracadabra to boost its treasury reserve and cut potential losses due to CRV exposure to about $5M borrowed MIM.\u00a0<\/span><\/p>\n
Under the new proposed interest structure, the interest rates will be determined based on two factors: the combined outstanding principal of the CRV cauldrons and the collateral ratio of each cauldron.\u00a0<\/span><\/p>\n
The base interest rate will vary depending on the total borrowed amount, classified into three ranges: $0M-$5M, $5M-$10M, and $10M-$18M. For instance, as the current outstanding principal stands at $18M, the base interest rate would be set at 200%.\u00a0<\/span><\/p>\n
Using this rate, it is estimated that the loan would be completely covered in six months’ time. Furthermore, the collateral ratio would influence the interest multiplier, with ratios ranging from <= 40% to <= 70% correlating to multipliers of 1x, 5x, 10x, and 25x, respectively.\u00a0\u00a0<\/span><\/p>\n
According to the proposal, this interest rate structure ensures the maximum chances of \u201cfull principal recovery\u201d for Abracadabra.
\n<\/span><\/p>\n
The voting session<\/a> for this proposal commenced on Aug. 1. and will run for only 46 hours due to the supposed urgency of the matter. As of the time of writing, 51 members of the Abracadabra DAO have placed their votes, with 99.74% supporting the proposal.\u00a0 <\/span><\/p>\n
\"Abracadabra\"<\/span>Source: Snapshot<\/a><\/pre>\n
Featured image from Ceqoa, chart from Tradingview<\/div>\n","protected":false},"excerpt":{"rendered":"
DeFi lending protocol, Abracadabra Money, is currently debating a proposal to boost the interest rate in its CRV lending markets as it looks to mitigate its exposure to the DeFi token.\u00a0 In the last few days, CRV\u00a0 has seen its value decline significantly due to the recent Curve Finance exploit on Sunday, which resulted in a total loss of over $60 million. According to data from CoinMarketCap, CRV is currently trading at $0.56, with an 8.28% loss in the last 24 hours. Abracadabra Exposed To Significant CRV Risk Levels In a governance proposal submitted on Aug 1, DAO contributor and community manager Romy highlighted that Abracadabra was currently exposed to a substantial level of CRV risk. To address this situation, the proposal contains a strategy that introduces collateral-based interest to both CRV cauldrons – lending markets – on Abracadabra. Related Reading: Ethereum DeFi Coins Plunge As Curve Concerns Threaten Major Market Crash Romy stated that Curve Finance, the underlying platform of CRV, has seen its TVL negatively affected over the last month by several events, including the Conic Finance Hack, the JPEG\u2019d exploit, and the attack on Curve itself.\u00a0 In particular, Romy noted that the theft of $25 million from Curve\u2019s CRV\/ETH pool had impacted the on-chain liquidity for CRV, altering the conditions that led to the adoption of the token as a collateral asset on Abracadabra.\u00a0 In addition, the proposal also noted that Abracadabra had recorded CRV outflows toward markets with lower Loan-to-Value (LTV) ratios and higher interest rates. Together, all these factors have affected CRV\u2019s price and liquidity, prompting the need for Abracadabra to reduce its exposure to the token.   CRV trading at $0.558 on the daily chart: Source: CRVUSD chart on Tradingview.com Abracadabra\u2019s Proposed Strategy To Introduce 200% Interest Hike As earlier stated, Romy\u2019s governance proposal aims to cover Abracadabra CRV\u2019s risk by applying collateral-based interest to the two CRV lending markets on the platform. It was stated that this strategy had been previously implemented with the WBTC and WETH cauldrons.\u00a0 This introduction of collateral-based interests would allow Abracadabra to levy interest directly on each CRV cauldron\u2019s collateral which is directly transferred to the protocol\u2019s treasury and converted to Abracardra\u2019s native stablecoin MIM, either via on-chain or off-chain transactions.\u00a0 Related Reading: Is It A Good Idea To Buy Curve Now? Here\u2019s What This Founder Thinks Based on projections, Romy stated that this strategy would allow Abracadabra to boost its treasury reserve and cut potential losses due to CRV exposure to about $5M borrowed MIM.\u00a0 Under the new proposed interest structure, the interest rates will be determined based on two factors: the combined outstanding principal of the CRV cauldrons and the collateral ratio of each cauldron.\u00a0 The base interest rate will vary depending on the total borrowed amount, classified into three ranges: $0M-$5M, $5M-$10M, and $10M-$18M. For instance, as the current outstanding principal stands at $18M, the base interest rate would be set at 200%.\u00a0 Using this rate, it is estimated that the loan would be completely covered in six months’ time. Furthermore, the collateral ratio would influence the interest multiplier, with ratios ranging from <= 40% to <= 70% correlating to multipliers of 1x, 5x, 10x, and 25x, respectively.\u00a0\u00a0 According to the proposal, this interest rate structure ensures the maximum chances of \u201cfull principal recovery\u201d for Abracadabra. The voting session for this proposal commenced on Aug. 1. and will run for only 46 hours due to the supposed urgency of the matter. As of the time of writing, 51 members of the Abracadabra DAO have placed their votes, with 99.74% supporting the proposal.\u00a0 Source: Snapshot Featured image from Ceqoa, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":545531,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[89007,89009,83432,83460,89008],"class_list":["post-545524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-abracadabra","tag-collateral-based-interest","tag-crv","tag-curve-finance","tag-mim"],"acf":[],"yoast_head":"\nAbracadabra Protocol To Counter CRV Risk With 200% Interest Rate Hike<\/title>\n<meta name=\"description\" content=\"Abracadabra Money may boost the interest rate on its CRV cauldrons to 200% as it looks to mitigate its CRV exposure.\" 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