Buy Magic Internet Money (MIM)
What is Magic Internet Money (Ethereum)?
Magic Internet Money (MIM) is a decentralized stablecoin operating within the Ethereum blockchain, associated with the Abracadabra.money platform. MIM is backed by interest-bearing tokens used as collateral, and it is pegged to the USD. The platform simplifies cryptocurrency lending, allowing users to mint MIM using their assets.
How does Magic Internet Money (Ethereum) work?
MIM operates on the Ethereum blockchain using smart contracts. Users deposit interest-bearing tokens (i.e., tokens earning yield) as collateral on the Abracadabra.money platform. These tokens continue to accrue interest while being collateralized, allowing users to borrow MIM. The platform charges fees that include interest, borrowing, and a portion of the liquidation fees, maintaining a stable borrowing environment.
What are the potential use cases for Magic Internet Money (Ethereum)?
MIM serves multiple use cases within the DeFi ecosystem:
- Lending and Borrowing: Used on platforms like Abracadabra.money for borrowing against interest-bearing assets.
- DeFi Applications: Enables interactions with Web3 applications, dApps, and access to DeFi capital.
- Liquidity Pools and Farming: Facilitates yield farming by allowing users to leverage their collateral.
- Cross-Chain Transactions: Functions as a stablecoin across multiple blockchain networks.
- Stable Currency for Transactions: Used for trades and transactions on decentralized exchanges.
What is the history of Magic Internet Money (Ethereum)?
MIM was launched in 2021 on the Abracadabra.money platform by co-founders Daniele Sesta, 0xMerlin, and Squirrel. The platform quickly expanded across chains including Arbitrum, FTM, and AVAX. MIM's unique model using Kashi lending technology (from SushiSwap) and SPELL governance token have played vital roles in its adoption. It maintains a strong market presence and has established a supportive community known as the "Frog Nation."
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The information presented in this comparison table is for educational purposes only and is not an investment recommendation for your personal circumstances. Past performance is not an indicator of future performance.
The data points in this table are sourced as follows: ASX200 from Google’s ASX200 index price, Gold from ABC Bullion’s website (abc bullion.com.au), and BTC from CoinGecko (coingecko.com.au). All data is recorded at 10 am AEST on the first day of each calendar month.
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Frequently Asked Questions (FAQs)
What is the current price of Magic Internet Money (MIM)?
The Magic Internet Money price is $1.639 AUD, representing a -0.07% from the day prior.
Where is the best place to buy Magic Internet Money (MIM) in Australia?
The best place to buy Magic Internet Money (MIM) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Magic Internet Money (MIM) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Magic Internet Money (MIM)?
The trading volume of Magic Internet Money (MIM) is $339.9K AUD in the last 24hrs, representing a -0.07% from the day prior.
How can I buy Magic Internet Money (MIM)?
Magic Internet Money (MIM) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Magic Internet Money (MIM)?
The current market cap of Magic Internet Money (MIM) is $89.0M AUD.
Can I convert Magic Internet Money (MIM) to cash?
Yes - With Coinstash you can convert your Magic Internet Money (MIM) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Magic Internet Money (MIM) are there?
The current circulating supply of Magic Internet Money (MIM) is 55.6M.
Is Coinstash a safe place to buy Magic Internet Money (MIM) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Magic Internet Money (MIM) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.