LitecoinLodestar
Sat Oct 26 2024
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6 answers
1646
How does MIM stablecoin work?
MIM stablecoin works through a lending platform called Abracadabra, where users can deposit interest-bearing tokens to collateralize and borrow MIM. The system maintains stability by ensuring a proper collateralization ratio and liquidating positions below a certain threshold. Additionally, MIM can be swapped on Curve for other stablecoins like UST, providing liquidity and arbitrage opportunities. The platform also incentivizes users with rewards for participating in its ecosystem, further enhancing MIM's utility and demand.
Lucia
Tue Oct 22 2024
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7 answers
1856
What is mim stablecoin?
Mim Stablecoin, also known as Magic Internet Money, is a type of cryptocurrency designed to maintain a stable value. It aims to achieve price stability through various mechanisms, typically by being pegged to a fiat currency or asset. This allows Mim Stablecoin to facilitate transactions and act as a store of value, mitigating the risks associated with the volatility of traditional cryptocurrencies.
