abracadabra finance | BTCC Knowledge

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What is Abracadabra money?

Abracadabra Money is a DeFi lending platform. It lets you deposit interest-bearing tokens from other protocols, such as Yearn Finance and Sushi as collateral in exchange for Magic Internet Money stablecoins. Once MIM is in your wallet, you can exchange it for other stablecoins or cryptocurrencies where MIM is accepted.

How does Abracadabra work?

Abracadabra utilizes these collateral deposits to mint a USD-pegged stablecoin known as magic internet money on its multi-chain lending platform. That means that unlike most stablecoins on the market, MIM tokens can be easily transferred across a panoply of blockchains.

How many times can a user use Abracadabra crypto lending engine?

Technically speaking, the user could continue leveraging this position up to 10 times with the Abracadabra crypto lending engine. For example, behind the scenes, the protocol will: use the minted yvUSDT LP tokens to borrow more MIM on Abracadabra; and repeat this process until the user achieves the desired leverage.

What is spell in Abracadabra?

Spell: The farm token of the platform, which you can get by using the farming option in abracadabra, curve and other platforms are the pools of abracadabra. It is a token that you can staking and a part of the commissions that the protocol gets, when mining MIM, is distributed among the people who staking Spell.