Magic Internet Money - How Does It Work?

How does Magic Internet Money work? Abracadabra allows its users to pledge other cryptocurrencies as collateral, giving them a supply of its own stablecoin in exchange, which is called Magic Internet Money (MIM). These are given out in the form of loans, as MIM must eventually be returned to the company, or the borrower will incur penalties SPELL, the second major token issued by Abracadabra, is based upon the Ethereum blockchain. Though much higher in quantity than MIM, these coins are actually found less commonly in circulation. This is because they are largely used as a form of governance token on Abracadabra’s own platform. Abracadabra's ecosystem allows for some interesting and innovative use cases. The most notable of these is it provides a way for people to make their usually illiquid assets used in staking protocols to be made liquid, meaning that they can still, in some form, be used like any other crypto. Prefer reading? Then check out this article on our academy: https