Last updated at 2022/10/04
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Magic Internet Money, $MIM

USD-pegged Stablecoin

KPIs & Market Data

Market Cap
$206M
Market Cap 7d %
-0.94%
Market Cap 30d %
-8.38%
Volume 24h
$744.4K
Volume 7d
$27M
Mechanism
Governance
Decentralized
Issuer
n.a.
Jurisdiction
n.a.

Magic Internet Money (MIM) is a crypto-backed stablecoin pegged to the value of the USD and issued via the abracadabra money lending protocol. The platform is governed by the SPELL governance token. The focus of the protocol is to enable borrowing against interest-bearing tokens as collateral. Its also based on Sushis lending platform "Kashi" to allow for leverage. In a single transaction, the user can borrow MIM against the interest-bearing token, swap this against USDT and borrow again the interesting bearing token used then as collateral for more MIM. This process can create up to 10x leverage depending on the collateral.

Risks

  • Smart contract risk
  • Risk that entire transaction fails of a single step in the transaction fails using leverage
  • Risk of devaluation of on-chain collateral due to high-volatility
  • Risk of a negative contagion effect in case of any of the centralized stablecoins used for leverage de-peg
  • Loss of funds due to de-peg of MIM

$MIM Newsticker

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