Join us as we take a look at our Discovery of the Day! In this edition, we’re checking out a project that’s Decentralized Finance (DeFi), marking something of a departure from the ‘NFT Only’ approach we’ve been following (Don’t worry, there’s still plenty of NFTs coming!) So, without further ado, today we bring you Abracadabra.Money!
There’s nothing quite like the mystic arts and the power of crypto, and there’s no debating the fact that we love magic internet money. Ah yes, is there anything more enrapturing and spellbinding than the ever-evolving world of Blockchain tech? I guess with NFTs, DeFi and new Blockchain-based games, we all feel like wizards (or warlocks, or sorceresses…you get the drift) at the best of times. Sure, we might not have long gray beards or help Hobbits and Dwarves out with their quests against a Dark Lord trapped in an enchanted Ring, but we sure know how to generate a good yield (hopefully).
Abracadabra.Money is a DeFi project that literally allows you to produce Magic Internet Money (MIM). It’s no longer a goof guys, we have finally reached the apex of our memes. In all seriousness though, Abracadabra.Money actually acts as a ‘Spellbook,’ thus making its users ‘Spellcasters.’ As such, you can provide collateral in the form of several interest bearing cryptoassets including yvYFI, yvUSDT, yvUSDC, xSUSHI and more. Users are then able to borrow Magic Internet Money (MIM), a stablecoin that can be swapped for any other traditional stablecoin.
That about summarizes it…
Once users are done conjuring, the spell is easily reversed by returning the conjured MIMs to the Spellbook. Once this is complete, the magically locked interest bearing tokens are released…simple as that! It’s nothing even the least experienced of Druids can’t handle.
What’s also great about Abracadabra.Money is that you can select between five different networks including Ethereum , Binance Smart Chain , Fantom , Avalanche and Arbitrum . This multi-chain approach makes Abracadabra.Money far more versatile and attractive to users since they are not at the mercy of any one platform, allowing for greater uptake and easier control over their DeFi experience.
What Services Does Abracadabra.Money Offer?
Without getting in to too much detail, the following services are offered by Abracadabra.Money:
- Borrowing using Kashi Lending Technology
- Farming whereby users deposit LP tokens to farm SPELL tokens
- Staking whereby SPELL tokens are staked for sSPELL
- MIM-3POOL that allows users to provide liquidity to the MIM-3LP3CRV pool
- Swapping using curve.fi which allows users to swap their MIM stable coins for USDT, DAI, or USDC
- Bridging MIM tokens directly on Abracadabra’s interface thanks to Anyswap Network
DeFi Dragons emulate Smaug and covet (digital) gold above all else
What Sorcery is This!?
Having only been around for what seems like a couple of months, Abracadabra.Money has managed to garner a pretty sizable following on their Twitter account, and judging by some of the material I’ve seen on YouTube, some users seem to think Abracadabra.Money, and MIM token in particular, is truly magic! In fact, according to Crypto Mischief , he swears that MIM is ‘the future of DeFi.’
Yes, Magic Woosh Kitty, I doez
With a straightforward interface, novel approach and growing community, Abracadabra.Money seems like a real player in the DeFi space. Be sure to check their protocol out and follow them on their various social media pages. Until next time crypto fans!
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