Metadata last updated at 2025/06/29

Magic Internet Money, $MIM

USD-pegged Stablecoin

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Market Data KPIs

Market Cap

$55M

7-day Relative Change of Market Cap in %

Market Cap 7d %

+0.00%

30-day Relative Change of Market Cap in %

Market Cap 30d %

+0.00%

24-hour Volume

Volume 24h

$3.0K

7-day Volume

Volume 7d

$6.0K

Historical Charts

Price Chart

Volume Chart

Market Cap Chart

Velocity Chart

Metadata & Legal Information

Type of Stablecoin Mechanism

Mechanism

Crypto-backed

Legal Entity & Protocol Governance

Governance

Decentralized

Legal Issuer

Issuer

n.a.

Legal Jurisdiction

Jurisdiction

n.a.

Description

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 of transaction failure if one step in the process fails
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