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.
“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