Abracadabra reaches out to SushiSwap to save $10M

The team at Abracadabra is extremely concerned at the present moment. It has earnestly reached out to SushiSwap, to effectively carry out all of the necessary alterations in terms of two of its Bento vaults. These contain an amount of $10 million, which happens to be the assets of its users. According to them, the dilemma is that the concerned amount happens to be at grave risk.

For the uninitiated, Abracadabra happens to be a crypto lending protocol and the provider of the MIM stablecoin. It was only in the very recent past that the entity reached out to SushiSwap with the earnest request to increase the interest rates in relation to the two Bento vault cauldrons.

It so happened that the team at Abracadabra carefully observed that two collateral positions within the confines of Sushi’s Bentobox framework are not exactly as secure as they should be. Some alternate solutions were required to be provided, as that seemed to be the need of the hour. It so happens that the lending framework of Abracadabra has been created on top of the Bentobox protocol of SushiSwap. This, in turn, signifies the fact that any alterations made in relation to current interest rates need to be passed by the multi-signature contract, which is seemingly in charge of Bentobox.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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