Magic Internet Money (Wormhole)

1. Summary

Ranks

Liquidity

-

Developer

-

Social

86

Momentum (beta)

0

Stack Rank™

-

Price

$0.87 0.0%

Market Cap

$0.00 (#12188)

Supply

/

Tags

More Metrics

Price
52W High price	$0.87
52W High date	1st Apr 2022 (3 years ago)
All Time High (ATH) Date	21st Apr 2025 (1 month ago)
All Time Low (ATL) Date	21st Apr 2025 (1 month ago)

Supply & Trading Volume
Trading Volume (24h)	$23.00

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Description

Magic Internet Money (MIM)

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Magic Internet Money (MIM)

Magic Internet Money (MIM) is a decentralized, collateral-backed stablecoin connected to the DeFi platform Abracadabra.money. MIM is always 1:1 pegged to the USD and can be used as a bridge asset across multiple blockchain chains, including Ethereum, Binance Smart Chain, Fantom, and Avalanche.

Overview

MIM tokens are minted by depositing assets into the protocol, which are then transformed into interest-bearing tokens (ibTKNs) that accumulate interest. These tokens increase in volume as users pay back interest on portions they borrowed from the lending pool. The Abracadabra ecosystem maintains the MIM peg through arbitrage incentives, where arbitrageurs are incentivized to buy MIM at a discount when it trades under $1 or sell it at a premium when it trades above $1.

Governance

The Abracadabra ecosystem is community-governed via the SPELL token, which is used for voting on platform directives, development, and incentives. The SPELL token supply is allocated for liquidity mining incentives, team member rewards, and a multi-sig treasury.

Magic Wormhole

Magic Wormhole is a library and command-line tool that allows for the safe transfer of arbitrary-sized files and directories between computers using unique, human-readable codes. The receiving side offers tab-completion on the codewords, making it easy to use. This tool uses two servers and is compatible with Python 3.8 and higher, licensed under the MIT license.

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