Abracadabra Money is a lending platform that can be used to convert interest-bearing tokens, otherwise known as iTokens or ibTKNS, into Magic Internet Money (MIM).
MIM 7 key point overview:
- ✔️What is Abracadabra Money
- ✔️Who created Abracadabra Money
- ✔️Features of Abracadabra Money
- MIM Tokenomics
- How to buy MIM
- Top 3 MIM wallets
- What we like about Abracadabra Money
What is Abracadabra Money
👉 MIM is the native stablecoin of the Abracadabra Money platform and it can be exchanged for other popular stablecoins, including USDT, USDC and DAI.
👉 Interest-bearing tokens are a unique type of digital currency that accumulates interest the longer it is held and it represents a share in a lending pool.
👉 These tokens can usually be traded or stored in cold storage, and can be used as collateral on Abracadabra Money to obtain its interchangeable stablecoin.
Who created Abracadabra Money
👉 It appears that there is currently limited information available on who the developers and founders of Abracadabra Money are, but the anonymity around the Abracadabra team does not raise immediate concerns.
👉 For a decentralized protocol, having no specific “owner” makes users feel like it is truly decentralized and it is not necessarily intended to deceive the public, but what is known is that the creator of Abracadabra Money is known as “Squirrel”.
Features of Abracadabra Money
👉 The Abracadabra Money lending markets are available on several major chains, including Ethereum, Binance Smart Chain and PancakeSwap.
👉 How Abracadabra is used will depend on where assets are being stored and which chain offers the desired liquidity, and the MIM bridge can be used to “teleport” coins between different chains.
👉 Degenbox is a unique program created by Abracadabra Money that is designed to implement and execute strategies that enable the acceptance of non-interest-bearing tokens and to automatically enhance the performance of assets.
👉 Abracadabra Money uses Kashi, which is an isolated risk market where users have more control and freedom, and where the risk tolerance levels and collateral ratios of assets can be adjusted individually.
MIM Tokenomics
👉 MIM is a USD-pegged stablecoin on the Abracadabra Money platform and it is an ERC20 token with an unlimited supply.
👉 Interest-bearing tokens can be used to mint MIM and MIM can then be exchanged for other stablecoins.
How to buy MIM
👉 The easiest way to obtain HBTC is by purchasing it from an online exchange, such as Uniswap V3, SpookySwap or Gemini.
👉 Once you have created an account with your preferred exchange, your account needs to be funded, which will allow you to purchase digital assets and transfer them to your crypto wallet for storage.
Top 3 MIM wallets
👉 Based on research, we have compiled a list of the top 3 wallets that are compatible with the Abracadabra Money ecosystem and suitable for storing MIM coins.
👉 Ambire wallet is a non-custodial software wallet with email authentication and hardware wallet support for Ledger and Trezor.
👉 This wallet offers one-click access to DeFi protocols and supports thousands of ERC20, BEP20 and Polygon tokens.
👉 Trust Wallet is free to download and use, and supports a total of more than 160,000 coins and digital assets, which can easily be traded and managed directly from the wallet.
👉 The Binance Extension Wallet is a secure crypto wallet for Binance and the Binance Smart Chain and it can be used to do cross-chain transfers of BEP20 and ERC20 tokens.
👉 Recently, the wallet was upgraded to be compatible with Ethereum and its dApp browser.
What we like about Abracadabra Money
👉 What we find most appealing about Abracadabra Money is how it has given interest-bearing tokens a new purpose in the world of crypto.
👉 Before this platform was launched, such tokens would simply sit idle in lending pools, but now that a whole new level of potential and utility has been unlocked, token holders can use their interest bearing tokens as collateral to obtain other types of stablecoins.
👉 This is an innovative lending mechanism for yield-bearing assets and we look forward to the contributions and developments that Abracadabra Money will make to DeFi 2.0 over the next few years.
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