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Gauntlet Launches a New Proposal in the Aave Community, Proposing to Abandon the Stable Currency MAI/MIMATIC

According to the official governance page, Gauntlet has proposed to abandon MAI/MIMATIC in the Aave community. The proposal suggests that, given that the price of MAI/MIMATIC has dropped to around $0.72 in the past 24 hours and has been unable to recover its peg for the past few months, Gauntlet proposes to begin abandoning MAI/MIMATIC with the goal of incentivizing repayment by reducing loan terms and increasing borrowing rates.

Currently, MAI/MIMATIC is frozen with an LTV set at 0. CoinGecko data shows that the stablecoin MAI (MIMATIC) has been unpegged since July 2023 and is currently trading at $0.781966, with a 24-hour decline of 3.23%.

MAI MAI $0.99
+65.6%
AAVE Fintech
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