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Magic Internet Money (MIM) is the 106th largest cryptocurrency in the world by market cap, valued at $559,310,337. The current price of Magic Internet Money is $0.9903, which is 0.071% higher than yesterday. Prices have ranged between $1.006 and $0.986047 over the past 24 hours. All prices are listed in US dollars and accurate as of March 25, 2023 07:03 UTC.
Magic Internet Money (MIM) is a stablecoin offering that is soft-pegged to the US Dollar and is issued by Abracadabra, a DeFi lending platform that enables its users to transform interest-bearing cryptocurrencies into stablecoins. In this regard, tokens that can be deployed as collateral to mint MIM include liquidity provider (LP) coins issued by prominent DeFi platforms such as Convex, Curve, Yearn, etc.
As per the project’s official whitepaper
To elaborate, whenever the liquidation price of an individual CDP is met, liquidators have the option of acquiring the position by paying off any outstanding MIMs.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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