According to CoinMeta, the DEFI protocol Abracadabra proposes to shut down the stablecoin MIM and intends to settle outstanding debts at a price of $0.04 per unit. Since MIM was pegged to $1, its value has dropped by over 95%; in mid-September, its trading price was around $0.0446, with a market capitalization of approximately $4.63 million. The coin's value plummeted from $0.74 to $0.49 in June, and a $100,000 injection by the protocol to stabilize its price was unsuccessful. Holders of MIM will only recoup about 4 cents for every dollar held, and the governance token SPELL is facing a significant challenge.