Abracadabra Money

Abracadabra Money is a lending platform for users to use their interest-bearing tokens as collateral to borrow their stablecoin — Magic Internet Money ($MIM). $MIM is pegged to 1 USD and can be used like any other traditional stablecoin. 

Abracadabra Money​

Abracadabra Money​ Overview

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Abracadabra Money is a lending platform for users to use their interest-bearing tokens as collateral to borrow their stablecoin — Magic Internet Money ($MIM). $MIM is pegged to 1 USD and can be used like any other traditional stablecoin. Currently, Abracadabra Money allows users to mint $MIM on the Ethereum mainnet and bridge the stablecoin over to other chains such as BSC, Fantom, Avalanche and Arbitrum.

3 Key Highlights

  1. $MIM acts as a bridge to allow users to utilise their illiquid interest-bearing assets, by borrowing highly liquid stablecoins against it. Users can then use their stablecoins for other transactions and payments. $MIM facilitates this process.
  2. Abracadabra Money provides isolated lending markets that allows user to adjust their specific risk parameters according to their collateral, different from a traditional lending protocol.
  3. Abracadabra Money allows for leveraged yielding positions as well as farming for $SPELL tokens by staking LP tokens on the platform.

 

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