We're acutely aware of the $MIM depeg and are taking emergency actions to remedy the situation. Effective immediately, we will begin gradually increasing interest rates across all Cauldrons, including deprecated markets, to encourage debt repayment and reduce outstanding $MIM supply. The current depeg creates a natural incentive for borrowers to repay debt at a discount, accelerating supply contraction and strengthening the path back to peg. Direct incentives will be temporarily stopped as well as Curve bribes until $MIM returns to peg. Our priority is simple: restore confidence, improve market structure, and return $MIM to a healthy (and liquid) peg. Additional recovery initiatives are being evaluated and will be communicated as they are finalized. Thank you to everyone supporting the ecosystem during this period. 🧙

$MIM is getting a big liquidity upgrade... A $MIM - 2Pool gauge proposal is now live on @CurveFinance. Over the next 7 days, the proposal will go through the Curve governance process. Upon approval, the pool will become eligible for $CRV emissions. Afterwards we'll begin to incentivize the pool with $SPELL and bribe with @StakeDAOHQ to help bootstrap gauge weight and liquidity incentives. MIM - 3pool will no longer be incentivized and incentives will be directed to the new pool. This is a big step in improving and deepening liquidity around MIM. Thanks to everyone supporting @MIM_SPELL's return to growth.