MIM Swap

MIM Swap is outside the current firm shelf under the version-1 AMM-liquidity-provision policy. The live yield feed showed a roughly $10,000 MIM-USDT Arbitrum pool while the protocol API reported about $123,000 across its remaining deployments. MIM Swap is Abracadabra’s stableswap AMM: LPs supply MIM and another stable asset and earn fees as the invariant exchanges one reserve for the other. This applies a published class rule to one protocol; it does not claim that every contract or operator behind MIM Swap is defective.

Review triggers: events that reopen the verdict
• MIM Swap ships a single-asset product with no direct or synthetic LP exposure
• A client mandate explicitly authorizes stablecoin market making with issuer, peg, loss, and exit limits

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-19.

The research file

Mechanism and why the rule applies

MIM Swap is Abracadabra’s stableswap AMM: LPs supply MIM and another stable asset and earn fees as the invariant exchanges one reserve for the other. On its own facts the deployment matches the mechanism the dossier describes. The live yield feed showed a roughly $10,000 MIM-USDT Arbitrum pool while the protocol API reported about $123,000 across its remaining deployments. This record keeps enough protocol evidence to show the rule applies and leaves the shared economic argument in the pinned dossier; it is not a separate flagship review.

Control and incident boundary

Abracadabra governance and token-admin controls remain relevant, and each stablecoin issuer adds an independent freeze, peg, and redemption surface. Those controls and the available incident record may change operational risk, but they do not remove the property the rule turns on. No clean-record claim is used as proof of safety: a young deployment can have little adversarial history, and an established deployment can execute its intended economics without an exploit while still remaining unsuitable for the advised sleeve.

Exit and current measurement

A stable-pair LP is not protected from depegging: arbitrage removes the stronger reserve and leaves the pool accumulating the impaired asset before withdrawal. Aggregate TVL is an accounting measure rather than a promise that the exact client position can be unwound at the displayed value. The rule holds until a stated reopen condition is observed and a new review measures the exit at the proposed size instead of inferring it from a dashboard total.

Comparison and decision

Holding a reviewed stable asset directly or using an approved single-asset venue avoids making the client the buyer of the weakening peg. The comparison is made at the exposure level, not by brand or headline rate. The published dossier is preferable to repeating the same class judgment with slightly different wording for every venue; the protocol-specific sources retained here make the classification reproducible and the reopen criteria observable.

Class rule

The amm lp class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Abracadabra Documentation — MIMSwap · primary · accessed 2026-09-15
  Supports: stableswap mechanism, MIM pairs, LP fees
• DefiLlama — MIM Swap protocol data · secondary · accessed 2026-08-19
  Supports: protocol category, chain perimeter, current TVL

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.