On October 14th, Gauntlet, a DeFi risk management firm, proposed that Aave should stop using stablecoin MAI in its lending services due to its significant deviation from its peg. They suggest setting the loan-to-value (LTV) ratio of MAI to 0 and increasing borrowing rates to enable forced liquidation. Gauntlet estimates that the expected impact of forced liquidation is about $70,000. As previously reported by BlockBeats on October 13th, according to CoinGecko data, stablecoin MAI (MIMATIC) has been deviating from its peg since May 2023 and is currently priced at $0.7232, with a 24-hour drop of 12.3%.
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Gauntlet proposes decommissioning stablecoin MAI on Aave
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