Abracadabra.money, a platform where users can mint MIM, is an over-collateralized lending platform as collateral to borrow a USD-pegged stablecoin Magic Internet Money (MIM) that can be used as any other traditional stablecoin. Current MIM borrowed $44.94m. There are different LTV values for collatera, for instance, it is possible to add USDT or USDC on Stargate pool to gate LP tokens, and then bring them as a collateral to abracadabra money and mint MIM with LTV 98% and with some leverage up to 50x. The lowest LTV for AGLD - 50% and for most non-stable coints the LTV is 70-75%. Collateral list is fully formed by team and parameters for each collateral culated by them, however, the community can change it via voting system.
Now total collateral backed by stablecoins is $37m and for non-stable is $83.14m. However, the total MIM borrowed for stablecoins is $20.7m and for non-stable $24.24m. Show Less
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