Magic Internet Money

MIM

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Magic Internet Money
MIM is a soft-pegged USD stablecoin created by the decentralized Abracadabra.money platform. To create MIM, Abracadabra uses interest-bearing tokens as collateral. Liquidity provider (LP) tokens from Convex, Curve, and Yearn are just a few examples of interest-bearing tokens that can be used as collateral as of February 2022. Unlike other stablecoin/lending systems like MakerDAO, Abracadabra's loan liquidation procedure treats each collateralized debt position (CDP) and its liquidation price separately. If the CDP's liquidation price is reached, the position may be purchased by the liquidator by clearing the outstanding MIM. MIM is an ERC-20 token that has a soft USD peg. Through incentives for arbitrage inside the Abracadabra ecosystem, MIM maintains its peg. Arbitrageurs are encouraged to purchase MIM at a discount in order to maybe pay off some of their debt at a lower cost than if MIM were trading at USD1.00. Arbitrageurs are incentivized to borrow MIM and sell it at a premium if MIM trades over USD1.00.
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