Abracadabra Overview
- What is Abracadabra?
Abracadabra.money is a decentralized lending platform that allows users to use interest-bearing tokens as collateral to borrow a stablecoin called Magic Internet Money (MIM). Abracadabra allows users to deposit specific cryptocurrencies (like MIMATIC on Polygon) as collateral and borrow its native stablecoin, Magic Internet Money (MIM), at an over-collateralized ratio. It leverages these tokens to create leverage opportunities and yield farming strategies in a unique lending system. Users can stake their collateral and take out loans against it, aiming to provide liquidity and flexibility in managing their DeFi assets.
- Main Features
- Leveraged lending with interest-bearing tokens (ibTokens)Native stablecoin called $MIMGoverned by community through $SPELLLeveraged trading strategies using deposited collateralSupports various blockchains
Related Apps
A protocol that lets users borrow a stablecoin using ETH as security without paying ongoing interest.
A platform that focuses on offering tokenized RWAs and stablecoins through its various protocols.
A non-custodial liquidity platform that allows users to lend and borrow assets securely & transparently.
Frequently asked questions
Cauldrons are isolated lending markets on Abracadabra where users can deposit collateral to secure loans in Magic Internet Money (MIM). These provide a leverage mechanism as well, where borrowed MIM can be used to acquire more collateral which is then redeposited back into the Cauldron.
Users can deposit collateral into a Cauldron and receive MIM in their wallets. The process involves selecting the amount of collateral and the desired amount of MIM, which is determined by the loan-to-value ratio and the maximum collateral ratio specific to each Cauldron.
Abracadabra allows you to borrow MIM by depositing supported assets like MIMATIC on Polygon. The key difference is using ibTokens as collateral. These tokens represent your deposited asset but also accrue interest from other DeFi protocols, potentially increasing your borrowing power.
Customer Reviews
Share your thoughts
If you’ve used this app, share your thoughts with others.
There are no reviews yet!
Be the first and add a review.
Explore Top Apps
If you enjoy using Abracadabra, you’ll love those Decentralized Finance apps.
Stay ahead in Web3!
The latest Ethereum and L2s apps, tools and resources, sent to your inbox.
