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What is Magic Internet Money (MIM)?

Magic Internet Money (MIM) is a stablecoin pegged to the US dollar, operating within the Abracadabra.money lending platform. Users can deposit collateral to borrow MIM, which functions like other stablecoins and is compatible across various blockchains like Ethereum, Polygon, and Avalanche. MIM is created through a multisignature process, and the amount borrowed depends on the collateral type and set parameters. Liquidation prices are also determined based on these parameters. The platform uses Kashi Lending Technology, enabling isolated lending markets where borrowers can customize their risk based on their collateral. Kashi operates on BentoBox within the SushiSwap ecosystem, offering gas-efficient and low-fee custom markets. The platform has three tokens: SPELL (incentivizes network p...

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