What is Abracadabra money?

Abracadabra Money is a cross-blockchain lending platform that allows users to earn money by using their interest-bearing assets. Money earned is in the form of Magic Interest Money (MIM) tokens which are stable coins pegged to the US dollar. SPELL is the native governance and staking token of the platform.

What Blockchain is Abracadabra money?

Abracadabra is a decentralized lending platform that allows users to take advantage of their interest-bearing position by borrowing against it. Users can borrow a stablecoin called Magic Internet Money (MIM) by using their interest-bearing tokens (ibTKNs), such as yvYFI, yvUSDC, yvUSDT, xSushi, etc., as collateral.

Who made Abracadabra money?

Money. He said that UST and MIM are "not built for resilience," adding that they are "are going to 0 once the market turns for real." Abracadabra. Money and Terra founders Daniele Sestagalli and Do Kwon took shots at Christensen in response.

What is magic Internet money?

Magic Internet Money is a stablecoin soft-pegged to the US dollar and minted by the Abracadabra. money lending platform. MIM is a stablecoin that is soft-pegged to the US Dollar and minted by the Abracadabra. money decentralized lending platform.

How can I make money from Magic internet?

SPELL TOKEN Explained. What is Abracadabra money?

What chain is magic internet money?

The MIM token is an innovative stablecoin that can be minted on multiple chains, including Ethereum and Binance Smart Chain.

How do you use the Abracadabra money Bridge?

Bridge MIM Tokens directly on Abracadabra Interface thanks to Multichain (Previousle Anyswap Network)! Select the chain you want your MIM bridged from on the left, and your arrival chain on the right. Input the amount of MIM desired and hit the "BRIDGE" button!

How do you use abracadabra?

In this book, Serenus recommends that the word abracadabra be written in the form of an inverted pyramid, writing the word abracadabra on each line, leaving one more letter off the end of the word each time until the last line consists of simply the letter a.

How do you borrow from Abracadabra?

To borrow some MIMs, simply click anywhere in the frame of the component you want to use as collateral. We are going to use yvUSDT as an example. Once your component has been selected, the BORROW/REPAY section will appear.

Is spell token crypto a good investment?

They forecast the token to have a maximum price of $0.002 by the end of 2022. SPELL is expected to have a maximum price of $0.003 in 2023. In 2027, the coin is expected to experience significant growth in its price. SPELL is expected to have a maximum price of $0.014 in 2027.

Is spell token a good investment?

Spell token has great potential in the future and we much see this coin crossing $1 USD in the future if the market goes well. In case you are looking for safer investment in big projects consider investing in Bitcoin SV and Hashgraph. In addition to that, you have to hold your coins for longer as well.

Can Spell token reach $1?

Spell Token is trading at $0.0053, down 0.14%, according to CoinMarketCap. On November 16, 2021, SPELL hit an all-time high of $0.07515, but since the beginning of 2022, it had lost much of its value. According to CoinMarketCap, it is "unlikely" SPELL will ever hit $1 because of "its enormous total supply".

How do you buy spells?

What is DeFi in the crypto world?

DeFi (pronounced dee-fye) is short for decentralized finance. It's an umbrella term for the part of the crypto universe that is geared toward building a new, internet-native financial system, using blockchains to replace traditional intermediaries and trust mechanisms.

What is spell coin?

Spell Token (SPELL) is a token that governs Abracadabra. money, a platform that lets users deposit collateral in the form of interest-bearing crypto assets (such as yvYFI, yvUSDT, yvUSDC, xSUSHI) in order to mint MIM, a stablecoin that attempts to maintain a value of US$1.00.

Is Abracadabra a spell?

Abracadabra began its life as a healing spell. It's been traced as far back as the third century CE, when physician Quintus Serenus Sammonicus (better known as Serenus) wrote the treatise Liber Medicinalis.

What is spell token used for?

About Spell Token

SPELL is an ERC-20 token used as a governance and incentive token within the Abracadabra. money ecosystem. The SPELL token's primary use cases are (1) governance in the Abracadabra protocol and (2) fees earned from the protocol.

What is liquidation fee abracadabra?

The Liquidation Fee

Each market has its own liquidation fee, but in general ibTKNS with underlying stable coins will have a liquidation fee of 3% and ibTKNS with price action will have a liquidation fee of 12.5% Liquidation Fee Sharing - This fee is the incentive given to the parties performing liquidations.

What is MIM spell?

Abracadabra Money (SPELL) is a DeFi lending platform which allows anyone to convert interest-bearing cryptocurrencies into stablecoins called Magic Internet Money (MIM). Investors can exchange MIM for other stablecoins such as DAI, USDC, and USDT.

What do I do with MIM Abracadabra?

You can use interest-bearing tokens to back MIM. It can be later swapped with any other traditional stable coin. Using Abracadabra, users can make use of money their assets they own but are not using to generate money.

What is Avalanche coin?

Avalanche is a blockchain that promises to combine scaling capabilities and quick confirmation times through its Avalanche Consensus Protocol. It can process 4,500 TPS (transactions per second). For Ethereum, that number is 14 TPS.

How can I buy Avax?