Magic Internet Money: What Do People Need to Know about Cryptocurrency “MIM”?

• Magic internet money is a decentralized stable coin which provides interest – bearing tokens as collateral.
• In the last 24-hours, MIM coin’s trading volume has increased by 41.61% at $319 million.
• MIM/BTC pair price is showing a bit of negativity by  2.19% at 0.00002289 BTC.

What is magic internet money “MIM”? 

The magic internet money, known as the MIM, is the decentralized stable coin for the Abracadabra protocol. MIM is backed by an interest-bearing token(ibTKNS).MIM is an ERC-20 token that is soft-pegged to USD. MIM is an Abracadabra protocol supporting magic internet money, which protocol is used among magicians. 

Nowadays, many assets like yVaults are locked in capital that we can no longer use; So abracadabra, which uses Kashi leading technology, provides an opportunity to use it anywhere.

As we know, the nature of magic internet money is stable and doesn’t flat out much. The MIM coin is currently at $1which is a bit negative by 0.02%. Over the last 24-hours, trading volume is $319 million, increased by 41.61%. MIM/BTC pair price indicates weakness by 1.77% at 0.00002288 BTC. However, MIM/ETH pair fell by 2.45%.

How to Deposit collateral and borrow MIM?

Go to abracadabra.com and click on borrow.

The section on borrowing on the website showcases a wide range of ibTKNS which can serve as collateral. Here are a few examples of:

across the top, we see  

• Component – some of the following components which we can use as collateral for MIM borrowing.
• Total Value Locked – we can see the total volume of components that are deposited in every market by all users.
• Left to borrow – if you want to know how many MIMs are still available to be borrowed using that component. If the numbers go 0, then New loans and leverage positions can not be opened.
• Interest – this is the annualized percentage of your all debt that will grow every year.
• Liquidity fee – MIM is the discount a liquidator can get liquidating their position that has been flagged for liquidity.

Yield farming is typically done by depositing or staking assets such as SUSHI or USDT to yield farms such as Sushi or Yearn. As a result, they receive illiquid ibTKNs such as xSUSHi and yUSDT for use as receipts, which are then returned to the original exchange and retrieved, along with interest, as well. To make it easier to understand, you put liquid tokens into illiquid ibTKNs.

In contrast, a stablecoin, such as DAI, entails depositing a liquid asset, such as USDC or ETH, which is collateralised and yields a liquid stable token. Put simply, you invest liquid tokens and receive liquid tokens as a result.

The combination of these two methods makes Abracadabra a unique approach. The Magic Internet Money (MIM) allows users to deposit illiquid ibTKNs such as xSUSHI and yUSDT and mint a liquid asset. Abracadabra has thereby created a means of farming stranded capital and turning illiquid assets liquid.

Conclusion 

Magic internet money coin seems unique because it provides the collateral for borrowing. Further, it might be an excellent leverage platform for beginners.