Magic Internet Money

Abracadabra. Money is a lending platform that uses interest-bearing tokens (ibTKNs) as collateral to lend a USD pegged stablecoin (Magic Internet Money – MIM) that can be used as any other conventional stablecoin. When a participant deposits collateral to Abracadabra and takes out a MIM token loan, the platform mints fresh MIM into the delivery, backed by the user’s ibTKNs in the Collateral Debt Position. When you pay out the MIM, the protocol burns MIM from the store, abatement its overall circulation in the market.

Many assets, such as yVaults, have been locked in the capital that can’t be put to further use. Abracadabra offers a chance to use it. Abracadabra uses Kashi Lending Technology to supply isolated lending markets that permit users to regulate their risk tolerance according to the collateral they decide to use.

As a reminder, 75% of the protocol revenues are used to buy back SPELL tokens using the sSPELL mechanism, and 25% are held in the treasury and used for other goals. The pure simplistic design of the advert caught the attention of the Reddit customers visiting the front web page of the internet and piqued their interest. Site visitors to the subreddit page grew. People educated themselves on this decentralized currency, saw the advantages, and commenced investing in it.