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Category: Stablecoins -> Stablecoins Home Sites
Type: homesite
An USD-pegged stablecoin called Magic Internet Money (MIM) minted on Abracadabra Money DeFi platform. Collaterals are made of other tokens (stable or not) locked by users to borrrow the MIM. Abracadabra Money allows users to earn some interest for bringing collaterals, but also measures its quality, so You can expect liquidation - sometimes users can remain only with MIM, especially if collaterals are going weak. This is very new model for minting stablcoins and potentially this the way to produce very first true decentralized stablecoin in history. Other stable token collaterals (UST, USDC) are deprecated now, which is good because of cascade collaterisation of stable coins can be risky for crypto market.
