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Magic Internet Money

The platform converts them into Magic Internet Money (MIM), a dollar-pegged stablecoin linked to Abracadabra; ibTKN-backed MIMs are then deposited into the borrower's wallet, and borrowers (some may refer to them as yield farmers maximizing yields) are assigned an interest rate based on the collateral. You can find valuable tips for Moonpay Login. Wait, you can borrow tokens and earn interest on them? "DeFi 2.0" is here. As crypto-native (non-centralized) stablecoins become more prevalent, Abracadabra has swiftly become one of the most widely used decentralized protocols.

The rise of decentralized stable currency has mostly been attributed to MakerDAO (DAI) and the Terra network's algorithmically managed UST, which just began working with Abracadabra's MIM. You can get an instant resolution from Moonpay Login. Abracadabra employs a strategy known as the "isolated lending market," which makes use of ibTKNs.

MIM is a completely decentralized stablecoin with cross-chain capabilities. According to Cointelegraph, several cross-chain integrations have broadened SPELL's reach throughout the ecosystem. You can discover innovative tips for Moonpay Login.

The amount of MIM exchanged is determined by the collateral's Loan to Value ratio (LTV), and the other factor is the original maximum MIM allocation to that collateral.

Consider the yield farmer who has deposited 100,000 USDT to Yearn Finance's USDT V2 yVault as one example of how the platform works, according to Abracadabra. It is important to know the procedure of Moonpay Login.