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tldr; Gauntlet has proposed that Aave deprecate the use of the decentralized stablecoin Mai (MIMATIC) in lending services due to a significant depeg. The value of Mai dropped to $0.72 before recovering slightly. Gauntlet recommends initiating the full deprecation process for Mai by setting its loan-to-value (LTV) ratio at 0 and increasing borrowing rates, which would enable enforced liquidations. The estimated impact is approximately $70,000 in forced liquidations. Mai's price has fallen significantly below its peg over the last few days. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
I have been trying to understand the actual sustainability of MAI (MIMATIC), but finding anyone willing to discuss or knowledgeable about it is harder than finding a well performing coin in 2023.