MIM vaults
- This stablecoin is likely depegged. The current rate is 30.7169 MIM / 1 USD fetched at .
About Abracadabra MIM
Magic Internet Money (MIM) is a USD-pegged stablecoin issued by Abracadabra.money. It is minted by depositing interest-bearing tokens (such as yvTokens or sfrxETH) as collateral. MIM is an omnichain stablecoin available across multiple EVM networks.
MIM is issued by Abracadabra.money, a DeFi lending platform that uses interest-bearing tokens as collateral. Users deposit yield-generating assets (such as Yearn vault tokens, wrapped staked ETH, or other LSTs) and borrow MIM against them.
Mechanism
- Collateralised debt positions (CDPs) backed by interest-bearing tokens
- No fixed minimum collateral ratio — each collateral type has its own risk parameters
- Borrowers pay a one-time opening fee plus ongoing interest
- MIM is an OFT (Omnichain Fungible Token) via LayerZero, enabling cross-chain transfers
Multi-chain deployment
MIM is deployed on Ethereum, Arbitrum, Avalanche, Fantom, BNB Chain, and other EVM-compatible chains. The Ethereum contract is the canonical deployment.
Status
Active with approximately 175 million MIM circulating on Ethereum mainnet as of 2025. The protocol has undergone several market stress events and security incidents over the years but remains operational.
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