Magic Internet Money (MIM) is soft-pegged to the US dollar and falls under the category of a stablecoin. It is part of the Abracadabra.money lending platform. The platform allows users to deposit collateral and receive MIM in return. MIM can be used in the same way as other stablecoins, and because it is multi-chain compatible it can be used across multiple blockchains and applications on their networks. This includes the Ethereum blockchain, Polygon, and Avalanche.

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

MIM is minted by a multisign. Users can deposit any asset in order to borrow Magic Internet Money. Parameters can be set to adjust the amount of MIM received. This also depends on the type of collateral used. Liquidation prices are also determined according to the parameters set and determine the collateral price at which liquidation will occur.

The platform also uses the Kashi Lending Technology. This facilitates isolated lending markets which means that borrowers on the platform can customize their risk tolerance to suit the type of collateral that they use. Kashi itself is a platform that runs on BentoBox, part of the SushiSwap ecosystem where users can create custom markets that are more gas-efficient and have lower fees than traditional lending protocols.

What is noteworthy about Magic Internet Money?

The platform has three main tokens; SPELL, sSPELL, and MIM. SPELL is used to incentive and encourage network participation. It has a total supply of 210,000,000,000. sSPELL is distributed as a reward for staking SPELL tokens. It is also used for Abracadabra governance. As mentioned before, MIM is a stablecoin pegged to the US dollar.

Where can you buy MIM?

MIM is available for trading on the following CEXs and DEXs listed here. The most popular platforms with the highest liquidity are AscendEX, Uniswap V3, and SushiSwap. The price of MIM will vary depending on the choice of exchange and overall market conditions. For up-to-date and historic data for MIM market prices, please view the price charts on this page.