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Cryptopedia Staff

Magic Internet Money (MIM)- A Yield-Bearing Stablecoin (Cryptocurrencies)

A look at Abracadabra.money’s SPELL token and magic internet money (MIM), a crypto-collateralized stablecoin that can be minted on several blockchain protocols.

The Magic Internet Money (MIM) Stablecoin

Magic internet money is a stablecoin that is embracing the DeFi mindset of interoperability via the Abracada.money protocol.

Magic Internet Money (MIM): A Yield-Bearing Stablecoin

Magic Internet Money (MIM)

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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](https://www.gemini.com/cryptopedia/makerdao-dai-decentralized-autonomous-organization), 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.

## 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.

[Abracadabra website](https://abracadabra.money/)  
[Abracadabra technical documentation](https://docs.abracadabra.money/)

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Magic Internet Money Price, Chart, & Supply Details - MIM Price

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