{"id":11913,"date":"2021-10-08T10:07:56","date_gmt":"2021-10-08T09:07:56","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=11913"},"modified":"2021-10-08T10:08:28","modified_gmt":"2021-10-08T09:08:28","slug":"abracadabra-moneys-stablecoin-magic-internet-money-mim-surpasses-1b-total-supply","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/abracadabra-moneys-stablecoin-magic-internet-money-mim-surpasses-1b-total-supply\/","title":{"rendered":"Abracadabra Money’s stablecoin Magic Internet Money (MIM) surpasses $1B total supply"},"content":{"rendered":"\n
As the project seeks to compete with MakerDAO, Abracadabra Money's stablecoin Magic Internet Money <\/a>(MIM) has surpassed a $1 billion total supply this month.<\/h5>\n\n\n\n
\"Abracadabra<\/figure>\n\n\n\n

Abracadabra is an Ethereum, Binance Smart Chain (BSC), Fantom, Avalanche, and Arbitrum cross-chain stablecoin lending mechanism. The project also contains a SPELL governance token\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> that may be staked on the system, in addition to MIM.<\/p>\n\n\n\n

The project bills itself as a “spell book” that allows users to give collateral in the form of interest-bearing tokens like yvUSDC and xSUSHI, as well as borrow the MIM stablecoin in exchange for their tokens.<\/p>\n\n\n\n

\u201cThe caster merely returns the summoned MIMs to the magic book to reverse the spell. The magically locked interest-bearing tokens are then released,” according to the website.<\/p>\n\n\n\n

Hodlers of interest-bearing tokens like xSUSHI gets a portion of the fees from the SushiSwap <\/a>decentralized exchange (DEX).<\/p>\n\n\n\n

MIM has climbed to eighth place in the stablecoin rankings, according to Coingecko, with a market worth of $1.14 billion at the time of writing.<\/p>\n\n\n\n

MIM's quick surge suggests that it could soon give strong competition to MakerDAO's DAI stablecoin, which is presently ranked fourth with a market cap of $6.4 billion.<\/p>\n\n\n\n

DAI, on the other hand, was founded in December 2017 and reached a market capitalization of $1 billion in late 2020. However, there was substantially less activity in the crypto market<\/a> when DAI was first created, so this is a caution.<\/p>\n\n\n\n

Fees are deducted from the interest paid on the loans from Abracadabra. Last week, it outperformed MakerDAO in terms of fees, generating $1.27 million compared to $969,000 for MakerDAO. In terms of total value locked (TVL), MakerDAO still has a $13.7 billion lead over Abracadabra ($1.7 billion).<\/p>\n\n\n\n

The project's success has been driven by its efforts to enable compatibility for several blockchains, according to Abracadabra's pseudonymous co-founder “Squirrel,” who told The Defiant on Oct. 7:<\/p>\n\n\n\n

\u201cBy being multi-chain with Abracadabra<\/a>, we are the first and only decentralized stablecoin that can be minted on various chains.\u201d<\/p><\/blockquote>\n\n\n\n

Squirrel also highlighted that its fee structure has contributed to its rapid adoption, as SPELL stakers receive 75% of the interest payments on the protocols\u2019 loans via SPELL tokens that are rewarded to the stakers.<\/p>\n","protected":false},"excerpt":{"rendered":"

As the project seeks to compete with MakerDAO, Abracadabra Money’s stablecoin Magic Internet Money (MIM) has surpassed a $1 billion total supply this month. Abracadabra is an Ethereum, Binance Smart Chain (BSC), Fantom, Avalanche, and Arbitrum cross-chain stablecoin lending mechanism. The project also contains a SPELL governance token that may be staked on the system, […]<\/p>\n","protected":false},"author":12,"featured_media":11914,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81],"tags":[5029,5030,5031,1531],"class_list":["post-11913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news","tag-abracadabra-money","tag-magic-internet-money","tag-mim","tag-stablecoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/10\/Abracadabra-Moneys-stablecoin-Magic-Internet-Money-MIM-surpasses-1B-total-supply.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/11913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=11913"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/11913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/11914"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=11913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=11913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=11913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}