What is Magic Internet Money (MIM)?

Magic Internet Money (MIM) is a stablecoin soft-pegged to the US dollar, minted by the Abracadabra.money protocol. It is backed by interest-bearing tokens and designed to remain close to the value of 1 USD.

Who created Magic Internet Money (MIM)?

Magic Internet Money was founded by Daniele Sestagalli and launched in 2021. It operates on Ethereum and other adjacent blockchains.

What is $MIM used for?

MIM is used as a stablecoin and can be borrowed against various forms of collateral on the Abracadabra.money platform. It facilitates fast and secure cross-chain transfers through the innovative Beaming feature, powered by the LayerZero Omnichain Fungible Token (OFT) standard. MIM's value is maintained through arbitrage, allowing users to buy or sell MIM to keep its price close to 1 USD.

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MIM	ERC20	ETH	0x99d8a9c45b2eca8864373a26d1459e3dff1e17f3	2021-05-27