Magic Internet Money races past $1B, sets sights on MakerDao

Magic Internet Money races past $1B, sets sights on MakerDao

Abracadabra Money’s stablecoin Magic Internet Money (MIM) has surged past a $1 billion total supply this month as the project works to provide competition to MakerDAO.

Abracadabra is a cross-chain stablecoin lending protocol that operates on Ethereum, Binance Smart Chain (BSC), Fantom, Avalanche, and Arbitrum. Along with MIM, the project also has a SPELL governance token which can be staked on the protocol.

The project describes itself as a “spell book” that enables users to provide collateral via interest-bearing bearing tokens such as yvUSDC, xSUSHI and to borrow the MIM stablecoin against their tokens.

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“To reverse the spell, the caster simply returns the conjured MIMs to the spell book. Then the magically locked interest-bearing tokens are released,” the website reads.

Interest-bearing tokens such as xSUSHI

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