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Magic Internet money runs over $ 1 billion, and can be viewed on Maker Dow

Magic Internet money runs over 1 billion and can

Abracadabra Money’s Stablecoin Magic Internet Money (MIM) has surpassed $ 1 billion this month as the project moves to give competition to McCardo.

Abracadabra is a cross-chain Stycoin lending protocol that runs on Ethereum, Finance Smart Chain (BSC), Phantom, Avalanche and Arbatrum operating systems. An MPLL control code for this project can also be placed on the protocol with MIM.

Project details As a “spelling book” where users can guarantee interest tokens such as yvUSDC, xSUSHI and borrow the MIM stabilizer against their tokens.

To rewrite the spelling, Custer simply returns the written MIM machine to the spell book. Interest-locked tokens will then be issued, ”the website reads.

Interest-bearing symbols such as XSUSHI give Hodler a fee cut from the decentralized exchange (DEX) sushi swap.

Abracadabra was launched in May and is owned by MIM, according to Coinco. Went up At the time of writing, it is ranked seventh in the Stycoin rankings with a market value of $ 1.14 billion.

Macardo’s DAI Stablecoin is currently in fourth place with a market value of $ 6.4 billion, and MIM’s meteor shower indicates that it can quickly compete with the popular platform.

In contrast, the DAI was relaunched in December 2017 and surpassed the $ 1 billion market value by the end of 2020. The caveat to that, however, is that the DIA initially had a significantly lower activity in the crypto market.

Abracadabra charges interest on loans. It Overcame MakerDAO raised $ 1.27 million, compared to $ 969,000 in fees last week. With a total value (TVL) of $ 13.7 billion to $ 1.7 billion, McCard AO still closes across Abracadabra.

Related: MakerDAO plans to tackle the creator’s climate change and turn back to ETH

Fake co-founder of Abracadabra, known as the “Squirrel” Said The success of the project, which was ignored on October 7, has been attributed to efforts to activate support for multiple blockchains:

“Being a multi-chain with Abracadabra, we are the first and only decentralized fixed coin that can be printed on multiple chains.”

Squirrel stressed that it has contributed to the rapid adoption of its tariff structure, with SPELL tokens giving away 75% of the interest on loans on protocols to spell parties.