What is Magic Internet Money (MIM)?

Discover the key facts about Magic Internet Money (MIM).

About Magic Internet Money

Magic Internet Money is a stablecoin soft-pegged to the US dollar and minted by the Abracadabra.money lending platform.

MIM is a stablecoin that is soft-pegged to the US Dollar and minted by the Abracadabra.money decentralized lending platform. Abracadabra uses interest-bearing crypto assets as collateral to mint MIM, which can be swapped for other stablecoins. Loan liquidations on Abracadabra differ from other stablecoin/lending protocols, in that each collateralized debt position (CDP) is unique and has its own liquidation price. When the liquidation price for an individual CDP is crossed, a liquidator can buy the position by paying off any outstanding MIM.

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Can I Donate MIM to Charity?

Donating cryptocurrency is a highly tax-efficient form of giving that also supports mainstream crypto adoption. Even donating a small portion of your crypto can make a major difference in helping a cause that you’re passionate about.

While The Giving Block previously supported MIM donations, it does not do so currently, though it may in the future. To stay in the loop about Crypto Philanthropy and other modern giving trends, subscribe to our weekly newsletter.

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