Magic Internet Money
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MIM to USD converterMIM
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$0
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$0Infinity Supply
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Mineable
Stablecoin
About Magic Internet MoneyMagic Internet Money (MIM) is a USD-pegged stablecoin issued through Abracadabra.money, a multi-chain DeFi lending platform that allows users to collateralize interest-bearing tokens (ibTKNs) and other crypto assets to mint MIM while simultaneously earning yield on collateral through leveraged yield farming mechanics. When you deposit assets into the protocol, you receive magic internet money tokens in return, which are fully collateralized stablecoins pegged to USD, allowing you to simultaneously earn yield on ibTKNs deposited as collateral while borrowing against them to receive MIM tokens. MIM maintains its USD peg through arbitrage incentives within the Abracadabra ecosystem, with the peg supported by Ethena's USDtb backing and USDC liquidity across Ethereum, BSC, Fantom and Avalanche chains. Users mint MIM by depositing interest-bearing tokens as collateral into an Abracadabra cauldron with governance controlled by the SPELL token. Trading on Kraken and other major exchanges with meaningful liquidity, MIM adoption depends on sustained confidence in Abracadabra's smart contract security following historical exploits and depegging incidents, competitive yield rates relative to alternative lending protocols, and growing institutional recognition of algorithmic stablecoins as reliable settlement assets despite historical volatility challenges.
Assets Details
Access Model
PermissionlessRedeemable
YesAttestations
NoCEX Listed
YesKYC to mint or redeem
NoTransferable
YesSelf Custody
Yes