Magic Internet Money (MIM) is a stablecoin that is soft-pegged to the US dollar. It operates within the Abracadabra.money lending ecosystem. Through the platform, users can post collateral and receive MIM in exchange. Since MIM works like other stablecoins and supports multiple chains, it can be deployed across different blockchains and applications. This covers networks such as Ethereum, Polygon, and Avalanche.

What are Magic Internet Money’s key features and how does it work?

MIM is created via a multisign. To borrow Magic Internet Money, users deposit assets of their choice. The system lets parameters influence how much MIM a user receives, with the final amount depending on the collateral provided. Liquidation thresholds are likewise set through these parameters and specify the collateral price level that triggers liquidation.

The platform also incorporates Kashi Lending Technology. It enables separated (isolated) lending markets, allowing borrowers to match their risk preferences to the specific collateral they use. Kashi is built on BentoBox, which is part of the SushiSwap ecosystem. On BentoBox, users can set up tailored markets designed to be more gas-efficient and feature lower fees than standard lending protocols.

What is noteworthy about Magic Internet Money?

The ecosystem centers around three tokens: SPELL, sSPELL, and MIM. SPELL is used to encourage and motivate participation in the network, with a total supply of 210,000,000,000. sSPELL is allocated as a staking reward for SPELL, and it is also used for Abracadabra governance. As noted earlier, MIM is a US dollar-pegged stablecoin.

Where can you buy MIM?

MIM can be traded on the CEXs and DEXs listed here. Among the most widely used platforms with the highest liquidity are AscendEX, Uniswap V3, and SushiSwap. MIM’s price may change based on the exchange selected and broader market conditions. For current and historical market prices, refer to the price charts on this page.