Try Quests to earn cryptoMIM Use Cases
Magic Internet Money (MIM) is an ERC-20 token that is soft-pegged to USD. It is minted by Abracadabra.money, a decentralized platform. Abracadabra uses interest-bearing tokens as collateral to mint MIM. Interest-bearing tokens that can currently be used as collateral include liquidity provider (LP) tokens from Convex, Curve, Yearn, among others. Loan liquidations in Abracadabra differ from other stablecoin/lending protocols like MakerDAO, such that each collateralized debt position (CDP) is unique and has its own liquidation price. When the liquidation price for an individual CDP is crossed, a liquidator can buy the position by paying off any outstanding MIM.