💡 If you aren't familiar with what stablecoins are (and their various types), I highly recommend you to read the Stablecoins article first.
What is Magic Internet Money ($MIM)?
MIM is a decentralized stablecoin that is minted by depositing interest bearing tokens (ibTokens) as collateral. MIM is currently supported on multiple chains, including Ethereum, Fantom and Avalanche.
What can you do on abracadabra.money?
- Stake USDC into yearn.finance and receive interest bearing liquid-staking tokens USDC tokens in return to enjoy ~8% APR.
- Deposit your ibTokens into abracadabra.money as collateral to borrow (mint) up to 90% of your collateral for Magic Internet Money ($MIM), a stablecoin. The borrowing interest is 0.08% APR.
- Supply the borrowed $MIM into the curve.fi MIM-3pool, and get rewarded with $SPELL tokens thanks to liquidity mining.
- Stake SPELL tokens as sSPELL tokens on abracadabra.money to gain protocol revenue captured from interest/borrowing fees and liquidation fees.