Abracadabra.Money’s stablecoin, Magic Internet Money (MIM), has reportedly exceeded the $1-billion total supply benchmark this October, with the initiative aimed to rival MakerDAO.
Specifically, Abracadabra reportedly functions as a cross-chain stablecoin lending protocol operable throughout Ethereum, Binance Smart Chain (BSC), Fantom, Avalanche and Arbitrum. Together with MIM, the initiative further possesses a SPELL governance token, with staking applicable on the protocol.
The initiative reportedly regarded itself as a “spell book”, which makes it possible for users to offer collateral through interest-bearing tokens, nominally yvUSDC and xSUSHI, and to borrow the MIM stablecoin against their tokens.
“To reverse the spell, the caster simply returns the conjured MIMs to the spell book. Then the magically locked interest-bearing tokens are released” The web page additionally revealed.
Interest-bearing tokens like xSUSHI reportedly offer the hodler a reduction in the fees from the decentralized exchange (DEX) SushiSwap.
Abracadabra was reportedly introduced back in May 2021, and per CoinGecko insights, MIM has managed to climb to the seventh spot on the top stablecoin list, with a total market capitalization of $1.14 billion at the time of writing.
While MakerDAO’s Dai stablecoin secured the fourth standing at the moment with a market cap of $6.4 billion, MIM’s significant surge showed signs of a capable entity to rival the well-known platform soon.
On the contrary, Dai was reportedly released in December four years ago, and crossed the benchmark of market cap of $1 billion in late last year.