Magic Internet Money (MIM) Price
MIM is only available to store
This asset is currently unavailable to trade on Gemini. You can store MIM and transfer it with a compatible external wallet.
MIM is only available to store
This asset is currently unavailable to trade on Gemini. You can store MIM and transfer it with a compatible external wallet.
Magic Internet Money
MIM
$0.998778
$0.0103294756 (1.05%)
Past year
Volume (24H)
--
Circulating Supply
55.61M
Market Cap
$55.42M
About Magic Internet Money (MIM)
MIM is a USD soft-pegged stablecoin minted by the Abracadabra.money decentralized platform. Abracadabra uses interest-bearing tokens as collateral to mint MIM. Interest-bearing tokens able to be used as of February 2022 as collateral include liquidity provider (LP) tokens from Convex, Curve, Yearn, among others. The loan liquidation process on Abracadabra differs from other stablecoin/lending protocols like MakerDAO, in that each collateralized debt position (CDP) and its liquidation price is unique. Should the liquidation price for any specific CDP be crossed, a liquidator can purhcase the position by paying off the outstanding MIM.
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Magic Internet Money Cryptopedia articles
Magic Internet Money (MIM): A Yield-Bearing Stablecoin
Cryptopedia Staff • 5 min read
See more
Magic Internet Money links and resources
Abracadabra website
Abracadabra technical documentation
Frequently asked questions
Magic Internet Money Token
MIM is an ERC-20 token, and is soft-pegged to USD. MIM keeps its peg via arbitrage incentives within the Abracadabra ecosystem. When MIM trades under USD1.00, arbitrageurs are incentivized to purhcase MIM at a discounted price, and potentially pay off some of their debt at a cheaper price than if MIM were USD1.00. If MIM trades above USD1.00, arbitrageurs are incentivized to borrow MIM and sell it at a premium.
