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Magic Internet Money

MIM

5.0

Price
$1.00
10/2/2022, 8:18:44 PM
diamondHands

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Market

Market stats

Market cap

-

Volume (24h)

$1.4M

Circulating supply

-

All time high

$2.02

Price change (1h)

+0.02%

Price change (24h)

+0.15%

Price change (7d)

-0.29%

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Magic Internet Money is on the decline this week.

The price of Magic Internet Money has fallen by 0.29% in the past 7 days. The price increased by 0.15% in the last 24 hours. In just the past hour, the price grew by 0.02%. The current price is $0.997431 per MIM. Magic Internet Money is 50.62% below the all time high of $2.02.

The current circulating supply is 0 MIM.

About

What Is Magic Internet Money (MIM)?

Magic Internet Money(MIM) is a pegged stablecoin backed by yield-bearing crypto assets. Abracadabra is the platform that allows users to mint Magic Internet Money tokens when users provide collateral in the form of yield-bearing cryptos. Later with the borrowed MIM, you can swap it with other stablecoins. The platform utilizes Kashi Lending Technology that provides isolated lending markets to the users to adjust their risk according to the decided collateral. Kashiis a lending platform that seeks to allow users to build gas-efficient and customized markets for borrowing, lending, and collateralizing DeFicoins or stablecoins. Abracadabra seeks to provide an opportunity to the users to utilize the locked-in capital for future use.

The purpose of utilizing Kashi is to allow users to aim to leverage their yield-bearing tokens. With Abracadabra, the platform executes the goal with a one-click user interface that does the work automatically. Also, unlike the other platforms where the users face the risk during liquidation events, at Abracadabra, the risk is isolated from owning individual liquidation. If the user opens two collateralized debt positions, they can set their tolerance accordingly. So, if a tokenhas more chances of depreciating value, users can borrow less MIM.

The MIM is a multichain token, and you can use Anyswap to bridge MIM across various networks. Anyswapis a decentralized cross-chain swap protocol to swap coins or tokens on any blockchain. Several mechanisms keep it pegged as MIM is fixed at the USD level. Users in hold debt acquire MIM below 1 USD creating a price rising effect, whereas a user holding valid collateral witness MIM above 1 USD will try to trade the MIM, which will have a price lowering effect. Also, the user can swap MIM with other stablecoins by choosing the stable asset they wish to switch into choosing the max slippage and gas price to execute the transaction.

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FAQ

What is the current price of Magic Internet Money?

The price of 1 Magic Internet Money currently costs $1.00.

What is the market cap of Magic Internet Money?

The current market cap of Magic Internet Money is $0.00. A high market cap implies that the asset is highly valued by the market.

What is the all time high of Magic Internet Money?

The all-time high of Magic Internet Money is $2.02. This all-time high is highest price paid for Magic Internet Money since it was launched.

What is the 24 hour trading volume of Magic Internet Money?

Over the last 24 hours, the trading volume of Magic Internet Money is $1.42M.

What other assets are similar to Magic Internet Money?

Assets that have a similar market cap to Magic Internet Money include Compound Wrapped BTC, DogeSwap, Rebase Aggregator Capital, and many others. To see a full list, see our comparable market cap assets.

How many Magic Internet Money are there?

The current circulating supply of Magic Internet Money is 0.

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