Cryptocurrency Q&A
What is Magic Internet Money token?
What is Magic Internet Money token?
CryptoChieftainGuard
Thu Oct 31 2024
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5 answers
1527
Magic Internet Money token, known as MIM, is a stablecoin issued by Abracadabra Money. With a total supply exceeding $1 billion, it aims to compete with MakerDAO. Operating on multiple chains including Ethereum and BSC, MIM offers a decentralized stablecoin solution backed by interest-bearing tokens like yvUSDC and xSUSHI.
5 answers
SolitudeSeeker
Sat Nov 02 2024
It is designed as a pegged stablecoin, ensuring stability in its value.
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Martino
Sat Nov 02 2024
This stability is achieved through its backing by yield-bearing crypto assets.
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Daniele
Sat Nov 02 2024
Abracadabra serves as the pivotal platform for minting MIM tokens.
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ShintoBlessing
Sat Nov 02 2024
Users on Abracadabra can mint MIM by providing collateral in the form of yield-bearing cryptocurrencies.
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Stefano
Sat Nov 02 2024
Magic Internet Money (MIM) represents a unique concept in the cryptocurrency realm.
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