3 reasons why DeFi users are bullish on Abracadabra, Magic Internet Money and...
Investors have embraced Abracadabra Money’s truly decentralized approach to DeFi and the option to draw stablecoin loans off a growing list of assets appears to be backing SPELL’s rally to new highs. Stablecoins and their use in decentralized finance (DeFi) have played a key role in the 2021 cryptocurrency bull market because allow investors to participate in the ever-growing number of protocols that offer high yield staking pools and they ease the process of transacting without needing to use a centralized exchange. One project that has seen a significant amount of adoption thanks to its....
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Citing an insider scoop, Autism Capital claimed that Abracadabra accrued $12 million in bad debt as a direct result of Terra’s sudden downfall, which has been refuted by founder Daniele Sestagalli. Magic Internet Money (MIM), a US dollar-pegged stablecoin of the Abracadabra ecosystem, joins the growing list of tokens losing their $1 value amid an untimely crypto winter. The sudden de-pegging of the MIM token commenced roughly on June 17, 7:40 pm ET, which saw the token’s price drop to $0.926 in just three hours.Terra’s LUNA and TerraUSD (UST) death spiral not only affected the investors....
Abracadabra Money enables users to provide collateral via interest-bearing bearing tokens and borrow the Magic Internet Money stablecoin against their holdings. Abracadabra Money’s stablecoin Magic Internet Money (MIM) has surged past a $1 billion total supply this month as the project works to provide competition to MakerDAO. Abracadabra is a cross-chain stablecoin lending protocol that operates on Ethereum, Binance Smart Chain (BSC), Fantom, Avalanche, and Arbitrum. Along with MIM, the project also has a SPELL governance token which can be staked on the protocol. The project describes....
Amid the crypto market carnage this weekend, another stablecoin slipped below the $1 peg on Saturday, June 18, as the crypto asset called magic internet money (MIM) briefly dropped to a low of $0.914 per unit. The Abracadabra-issued stablecoin dropping in value follows the recent terrausd (UST) failure and USDD’s recent volatility last week.
Stablecoin Magic Internet Money Loses $1 Parity But Regains Strength After the Fall to $0.91
In mid-May 2022, the entire world witnessed an algorithmic stablecoin called terrausd (UST) depeg from its $1 parity and slide below a U.S.....
The $4 billion gap between the current decentralized finance TVL and an ATH could be closed using recent implementations from AAVE, Curve and Spell Token. As 2022 gets underway, the decentralized finance (DeFi) sector of the cryptocurrency ecosystem appears to be gaining momentum in what could be an echo of the bullish market seen in seen in early 2021. Data from crypto market intelligence firm Messari shows that over the past 30 days, five out of the top 10 DeFi protocols have seen their tokens post double-digit gains. This is in spite of the struggles that Bitcoin has faced, a dynamic....
On Tuesday, the Solana-based non-fungible token (NFT) marketplace Magic Eden announced the project is airdropping NFT tickets to existing Magic Eden users and plans to form a decentralized autonomous organization (DAO). On February 21, the Magic Eden project airdropped around 4,000 NFTs to active wallets, and the following day the team announced the DAO roadmap.
The Magic Ticket Airdrop and DAO
According to the developers of the Solana-based Magic Eden NFT marketplace, a DAO is in the making and the fundamentals behind the change. The team detailed that it started distributing....