Amazing Facts About MIM
What is Magic Internet Money (MIM)?
Magic Internet Money (MIM) stands as a pegged stablecoin, its value secured by crypto assets generating yields. Facilitated through the Abracadabra platform, users can generate MIM tokens by offering collateral in the form of yield-bearing cryptocurrencies. Subsequently, these borrowed MIM tokens can be exchanged for other stablecoins. Magic Internet Money is a decentralised protocol backed by interest-bearing tokens. In this guide, Coinrivet takes a tour of the Magic taking place behind the scene.
Who are the Founders of Magic Internet Money (MIM)?
According to Abracadabra’s anonymous co-founder, code-named ‘Squirrel’, the Magic Internet money was born out of a need for a decentralized stablecoin that could do better than current alternatives.
What is the Total Volume of Magic Internet Money (MIM) Circulation?
The MIM token has a current circulating supply of 39.2M tokens out of a total supply of 163M tokens.
What is the Function of Magic Internet Money (MIM) Token?
Magic Internet Money (MIM) which is also known as Abracadabra is the platform that allows users to mint Magic Internet Money tokens when users provide collateral in the form of yield-bearing cryptos.
What are the Working Principles of Magic Internet Money (MIM)?
The platform leverages Kashi Lending Technology, establishing distinct lending markets that empower users to tailor their risk exposure based on the collateral they provide.
Kashi, serving as a lending platform, empowers users to construct efficient and personalized markets for borrowing, lending, and collateralizing DeFicoins or stablecoins. Abracadabra positions itself as a means for users to unlock capital for future utilization. The integration of Kashi enables users to maximize the potential of their yield-bearing tokens. The platform simplifies this process through a user-friendly one-click interface, automating the necessary actions. Notably, Abracadabra sets itself apart by isolating risks during liquidation events, providing users with the ability to set their own risk tolerance when managing multiple collateralized debt positions.
MIM, being a multichain token, can be seamlessly moved across various networks using Anyswap. This decentralized cross-chain swap protocol facilitates the exchange of coins or tokens across different blockchains. Several mechanisms ensure the pegging of MIM to the USD level. Users holding debt acquire MIM below the $1 USD mark, creating an upward price effect. Conversely, users possessing valid collateral witnessing MIM surpassing $1 USD are incentivized to trade, contributing to a downward price effect. Users can further swap MIM for other stablecoins, selecting the desired stable asset, specifying max slippage, and setting gas prices to execute seamless transactions.
Where can I Traded Magic Internet Money (MIM) Token?
MIM tokens can be traded on decentralized exchanges. The most popular exchange to buy and trade Magic Internet Money are Bitfinex, Uniswap, Pancakeswap and sushiswap.
