Kryptopriser -WIZ
wiz
WIZ
NOK 0.000071
NOK 0.000068NOK 0.000072
24h: 1.73%7d: -12.21%30d: -47.07%1y: 0.00%
NOK 0.000071
Magic Internet Money (MIM) is a stablecoin pegged to the US dollar, issued by Abracadabra.money. It aims to maintain a stable value, typically around $1.00, through a collateralized debt position (CDP) model.
Users can mint MIM by depositing various interest-bearing crypto assets as collateral, such as yvUSDT, yvUSDC, xSUSHI, and others. This process involves borrowing MIM against the deposited collateral.
The stability of MIM is maintained through overcollateralization and liquidation mechanisms. If the value of the collateral falls below a certain threshold, it can be liquidated to ensure the repayment of the MIM loan. This helps to keep MIM's peg to the US dollar.