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Abracadabra

Abracadabra

Abracadabra is a lending protocol that allows users to produce magic internet money (MIM).

OverviewStructured DataIssuesContributors

Contents

abracadabra.money
Is a
Company
Company
Organization
Organization
Cryptocurrency
Cryptocurrency

Company attributes

Industry
Blockchain and cryptocurrency
Blockchain and cryptocurrency
Decentralized Finance
Decentralized Finance
Tokenization
Tokenization
‌
Cryptocurrency protocol
Blockchain
Blockchain
Cryptocurrency
Cryptocurrency
Smart contract
Smart contract
Digital currency
Digital currency
...
B2X
B2B
B2B
Email Address
wizard@abracadabra.money
Investors
Magic Ventures
Magic Ventures
Competitors
Liquity USD
Liquity USD
Alpaca Finance
Alpaca Finance
Alpha Homora V2
Alpha Homora V2
Exchange
Uniswap
Uniswap
PartySwap
PartySwap
Lydia Finance
Lydia Finance
Trader Joe
Trader Joe
OpenOcean
OpenOcean
FreeRiver
FreeRiver
Beethoven X
Beethoven X
SpiritSwap
SpiritSwap
...
Also Known As
MIM

Cryptocurrency attributes

Ticker Symbol
MIM0
Maximum Supply
1,933,352,207
Block Explorer URL
bscscan.com/address/0...a319f433ba
etherscan.io/address/...Dff1e17F3
ftmscan.com/token/0x8...834b6829c1
snowtrace.io/address/...nsactions
cchain.explorer.avax.network/a...ns
arbiscan.io/token/0xf...77a57d6c2a
etherscan.io/token/0x...cc3a579a2

Other attributes

Circulating Supply
195,310,000
CoinGecko ID
mim0
Company Operating Status
Active
Contact Page URL
snowtrace.io/token/0x...e8cb8C18D
arbiscan.io/token/0xf...77a57d6c2a
bscscan.com/token/0xf...a319f433ba
etherscan.io/token/0x...dff1e17f3
finder.terra.money/mainn...8wpf2y
ftmscan.com/token/0x8...834b6829c1
moonriver.moonscan.io/toke...e3adb
Cryptocurrency Symbol
MIM
Launch Date
June 4, 2021
Market Capitalization
191,784,2560
Medium URL
abracadabramoney.medium.com
Public/Private
Public
Source Code
solscan.io/account/H...do2FQ5XUe1
snowtrace.io/token/0x...e8cb8C18D
bscscan.com/token/0xf...a319f433ba
etherscan.io/token/0x...dff1e17f3
ftmscan.com/token/0x8...834b6829c1
arbiscan.io/token/0xf...77a57d6c2a
Token Standard
BEP-200
ERC-20
Total Supply
1,933,352,2070
Wallet
crypto.com/defi-wallet/
trezor.io
ledger.com
metamask.io
argent.xyz
coinbase.com/wallet/
Overview

Abracadabra is a lending platform that allows users to provide collateral in the form of different interest-bearing crypto in order to borrow Magic Internet Money (MIM), a USD-pegged stable coin that users can swap for any other traditional stable coin.

Abracadabra can be used if the user has any of the following interest-bearing tokens (ibTKN):

  • yvWETH
  • yvUSDC
  • yvYFI
  • yvUSDT
  • xSUSHI
How Abracadabra works

To use Abracadabra, users follow four steps:

1. Collaterals (in the form of interest-bearing tokens) are initially deposited on Abracadabra

2. An interest-bearing debt is allocated and assigned to the borrower

3. Magic Internet Money tokens are deposited into the borrower's wallet

4. User can then use their MIM wherever they want

If a user wants to regain control of their collateral, they have to return the borrowed MIM tokens and pay back all incurred interest before the collateral will be released.

Magic Internet Money

A MIM token is a USD-pegged stable coin that can be traded on other markets alongside other stable coins. MIM is backed by ibTKNS, which means collateral value keeps increasing. MIM tokens are minted by the users on Ethereum and are only put into circulation once they have been collateralized.

Spell tokens

The main function of SPELL is to provide stake in Abracadabra and obtain SPELL tokens, an altcoin that powers Abracadabra.Having stake has several benefits, the first being that it grants stake holders voting rights for things such as TVL, liquidation fees, and future collateral options. Second, it grants holders a claim on fees generated by Abracadabra.

Partnership

On September 24th, 2021, Abracadabra announced a partnership with Olympus (OHM), the decentralized reserve currency protocol, and officially launched the sSPELL lending market.The partnership provides users the possibility to buy discounted SPELL tokens in exchange for ETH-SPELL LP tokens, which will then be redirected to Abracadabra. This gives users the opportunity to begin building their own liquidity, through a process called bonding.

The bonding program with Olympus, started on September 29th 2021, allows Abracadabra to acquire liquidity by buying it from users, using SPELL emissions. The emissions have been set to 50m SPELL per week.

The program provides users with benefits, such as the ability to buy discounted SPELL in comparison to the market value, provide no exposure to Impermanent Loss, and always make available some liquidity for ETH-SPELL.

Timeline

No Timeline data yet.

Funding Rounds

Products

Acquisitions

SBIR/STTR Awards

Patents

Further Resources

Title
Author
Link
Type
Date

Defi review: Abracadabra.money - Joel Foster - Medium

Joel Foster

https://medium.com/@joelsfoster/abracadabra-money-28977b34372e

Web

August 25, 2021

Magic Internet Money - MIM | Gemini

https://www.gemini.com/prices/magic-internet-money

Web

Say abracadabra and create magic internet money! Meet MIM Spell!

https://youtu.be/71CDqiCE9io

Web

June 24, 2021

Цена Magic Internet Money, ценовой индекс, график и информация о MIM | CoinGecko

https://www.coingecko.com/ru/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D1%8B/magic-internet-money

Web

References

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