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Abracadabra Simplifies Lending With its MIM Token

Abracadabra Money: SPELL, MIM, and DeFi 2.0

 Abracadabra is a multi-chain financing platform that allows its users to perform spells with their interest-bearing possessions. In the end, these users summon Magic Internet Money ($ MIM). The name “Abracadabra” sounds unusual, the platform has some records to confirm its luster. Anybody who enjoys motion pictures like Harry Potter may discover Abracadabra intriguing. Just this time, spells supply an income.

A group of skilled Defi designers runs Abracadabra. Daniele Sesta, accountable for Popsicle Finance and Wonderland, is the brain behind this financing platform. 0xMerlin and Squirrel are co-founders of Abracadabra,

Users of the platform get to mint MIM, its native possession, utilizing interest-bearing properties. The procedure might appear made complex, however, it is a relatively standard principle. Abracadabra’s function is to supply users with a unique method to get Defi capital. This would enable them to farm more proficiently. To put it another method, Abracadabra assists in gain access to and enables its users to farm by taking advantage of it.

Abracadabra.Money: Understanding #OccupyDeFi $MIM $SPELL | by Brinc finance  (✧,✦) | Medium

Abracadabra.Money: Understanding #OccupyDeFi $MIM $SPELL

The job emerged out of a requirement for a decentralized stable coin that might outshine existing choices. The objective was to create a stablecoin that is entirely decentralized, effective in multi-chain environments, and easy to utilize.

 The MIM Token

MIM, or Magic Internet Money, is the stablecoin for the Abracadabra procedure. It is backed by interest-bearing tokens (ibTKNS). The procedure selected interest-bearing tokens given that they create interest. In addition, based upon market price quotes, ibTKNS will continue to climb up in cost with time, for this reason increasing profits. As users pay back interest on quantities obtained from the financing swimming pool, the volume of these tokens increases.

What is Magic Internet Money (MIM) | What is MIM token

Examples of such tokens consist of;-LRB-

  • yvYFI,
  • yvUSDC,
  • yvUSDT,
  • xSUSHI,
  • These tokens are collateralized and included in the system before being minted into MIM tokens.

Furthermore, the MIM stablecoin has cross-chain compatibility. As an outcome, users can release the MIM token on platforms constructed on the Fantom, Ethereum, Binance Smart Chain, Arbitrum, and Avalanche blockchains.

 Minting and Leveraging MIM Stablecoins

Users would require a crypto wallet to mint the MIM token. The wallet would need to include a cryptocurrency, which would act as security. A user can then take advantage of their security to increase their APY. Here are the actions associated with minting the MIM:

  1. Connect a WalletConnect-compatible wallet to Abracadabra. money. Later, choose a favored blockchain network.
  2. Users would need to select the type and quantity of security they wish to provide and pick their liquidation rate. The liquidation rate impacts the quantity of APY they can make and their liquidation possibility.
  3. Before minting the MIM stablecoins, the control panel will show a user’s charges and anticipated APY. On verification, the user would get MIM, which has a usage case like any other stablecoin. The platform permits an optimum loan-to-value ratio of 90%.
 The $SPELL Token

While $MIM seems the more popular token, the $SPELL token is another essential part of the system. The $SPELL token is the platform’s governance token. In addition, $SPELL is likewise the procedure’s energy token, utilized to supply rewards and fee-sharing among users. Since composing, $SPELL trades at $0.003430 It has a 24- hour trading volume of $163,997,632

Spell Token (SPELL) | Binance Research

 

 

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