Magic Internet Money (MIM)
| Market Cap | $0.00000000 |
|---|---|
| Trading Volume | $1,884,549 |
| Volume / Market Cap | – |
| Total Supply | 1,933,352,207 MIM |
| Max Supply | – |
Magic Internet Money is currently trading at $0.52, after a price change of -0.23% in the last 24 hours.
Ranked as cryptocurrency #2675 by capitalization today, MIM market cap is valued at $0.00000000. MIM trading volume reached $1,884,549 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on MIM coin price prediction page.
What is Magic Internet Money?
Magic Internet Money is a stablecoin pegged to the USD and issued by Abracadabra.money. The token can be borrowed by depositing interest-bearing assets on Abracadabra.money as a security. Lending at Abracadabra is executed by smart contracts called Cauldrons, based on BentoBox or Degenbox.
Every collateralized debt position is distinct and immune from liquidation events. In cases where the ibTKN loses value to a level warranting liquidation, third parties can offset MIM debt in return for the collateral. Magic Internet Money can also be exchanged for other stablecoins.
MIM maintains a 1:1 ratio with the USD via arbitrage. The token is interoperable across multiple chains through Anyswap. MIM can also be bridged to Arbitrum L2. The abracadabra lending protocol is based on Ethereum, Fantom Opera, Binance Smart Chain, and Avalanche. Governance in Abracadabra is enabled through a voting system by holders of SPELL tokens.
There are 1.93 billion company-reported circulating MIM tokens from a total supply of 1,933,352,207. The tokens are generated using Multisign. MIM is then deposited in the Kashi Markets smart contracts before distribution. Magic Internet Money can be accessed on Bitfinex, Uniswap, or PancakeSwap.
Abracadabra.money is associated with Daniele Sestagalli.