The Abracadabra DAO approved, on its second attempt, a controversial proposal to wind down the DeFi protocol after lowering the quorum from 3 billion to 300 million SPELL, worth about $26,000. The once-$6 billion project had only $900,000 in effective backing for the 22 million MIM in circulation and proposed paying holders four cents on the dollar. The proposal passed with 396 million votes, including 296 million cast by the address labelled “Abracadabra.Money: MIM Treasury” and 100 million cast by its author, without mentioning nearly $9 million in unexplained outflows in June and July. It also failed to mention the $3 million in WETH recently accumulated by the treasury address or whether that amount would be added to MIM’s backing. Although Snapshot displayed the vote as rejected, the proposal was considered passed under the newly defined 30% participation threshold because the space’s administrative keys are held by former Abracadabra team members who are no longer reachable.
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