abracadabra money | BTCC Knowledge

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Who is Abracadabra money?

Abracadabra.Money is a stablecoin lending platform with its own stablecoin, Magic Internet Money. The founder's identity is unknown as well as their net worth. Abracadabra.Money, a stablecoin lending platform, is run by a co-founder who is only known as "Squirrel," along with Daniele Sesta.

What is the difference between Dai and Abracadabra money?

Whereas DAI, which is Maker’s stablecoin, is primarily backed by USDC. Abracadabra Money is a lending platform that uses interest-bearing tokens (ibTKNs) as collateral to borrow a USD-linked stablecoin (Magic Internet Money – MIM), which can be used like any other traditional stablecoin.

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.

How does Abracadabra work?

Approximately once a week, Abracadabra sends back part of the aUST in exchange for the UST produced by the strategy. Thus, the aUST tokens obtained from Anchor on Terra are connected to the ETH Mainnet and deposited in Degenbox.