Summary:
Abracadabra Money is considering raising interest rates on collateral-based rates across CRV cauldrons to mitigate its exposure to CurveDAO’s native token, CRV. The proposed adjustments include charging interest on the cauldron’s collateral before moving it into the protocol’s treasury. These changes have garnered mixed reviews, with concerns raised about the significant increase in interest rates. The lending platform’s involvement in the recent Curve hack has led to the need for adjustments. Hackers stole between $20 and $40 million from Curve, impacting the industry and raising concerns about defi security. The founder of Curve Finance, Michael Egorov, received loans secured by CRV tokens, and the community is closely monitoring Abracadabra’s reaction to the hack.
Key Points:
– Abracadabra Money is considering raising interest rates on CRV cauldrons to reduce exposure to CRV tokens.
– The proposed adjustments include charging interest on the cauldron’s collateral before moving it into the treasury.
– The changes have received mixed reviews, with concerns raised about the significant increase in interest rates.
– The lending platform’s involvement in the recent Curve hack has led to the need for adjustments.
– Hackers stole between $20 and $40 million from Curve, impacting the industry and raising concerns about defi security.
Hot Take:
The proposal by Abracadabra Money to raise interest rates on CRV cauldrons is a response to the recent Curve hack, aiming to mitigate exposure to CRV tokens. While this has garnered mixed reviews, some have expressed concerns about the significant increase in interest rates. The community is closely monitoring the situation and curious about the potential consequences this event may have on the financial industry.
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