Reputation Ratings

MIM

Magic Internet Money 10-15 years
Website https://abracadabra.money/
Browser
OTH RELPs
White Paper
Avg Price
0.00%
1D

$ 0.9865 USD

$ 0.9865 USD

Market Cap

$ 696.364 million USD

$ 696.364m USD

24h trading volume

$ 123,223 USD

$ 123,223 USD

7d Vol

$ 691,207 USD

$ 691,207 USD

Circulating supply

0.00 0.00 MIM

Related information

Issue Time

2014-03-13

Platform pertained to

--

Current price

$0.9865USD

Market Cap

$696.364mUSD

Volume of Transaction

24h

$123,223USD

Circulating supply

0.00MIM

Volume of Transaction

7d

$691,207USD

Change

24h

0.00%

Number of Markets

583

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0.00USD

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Historical Price

Introduction

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3H

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1M

-0.39%

1Y

-0.73%

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Aspect Information
Short Name MIM
Full Name Magic Internet Money
Founded Year 2021
Main Founders Daniel Sesta, Andre Cronje, and Johann E. Eid
Support Exchanges Uniswap, Sushiswap, FTX,Trader Joe,SpiritSwap,Curve,PancakeSwap,SpookySwap,Solarbeam,Solidly
Storage Wallet MetaMask, Trust Wallet, and Ledger
Customer Support https://twitter.com/MIM_Spell

Overview of MIM

MIM provides a versatile tool for value storage, yield earning, and engaging in a wide range of DeFi activities, underpinned by Abracadabra's innovative leverage and farming mechanisms.It serves as the cornerstone of the Abracadabra.money ecosystem, designed as a decentralized, collateral-backed stablecoin pegged to the US dollar.

It offers users the flexibility to make their interest-bearing assets liquid by using them as collateral to borrow $MIM, maintaining the growth of their collateral as if it remained in their personal wallets.

This ecosystem leverages DeFi expertise to offer stable yields through its built-in leverage engine, presenting a unique blend of liquidity provision and investment opportunities within the DeFi space.

To obtain more information, you can visit their website:https://abracadabra.moneyand try to log in or register to use more services.

overview

Pros and Cons

Pros Cons
Stablecoin Depends on underlying asset
Backed by multiple assets Volatility of underlying assets
Supported by major exchanges Regulatory uncertainty
Accessible through numerous wallets Complex for beginners
Decentralized Asset management risk

Pros of MIM token:

  • Stablecoin: As a stablecoin, MIM's value is tied to another asset or a group of assets, which can reduce the effects of price volatility. This allows MIM to offer relative stability compared to other cryptocurrencies that may experience significant fluctuations.

  • Backed by multiple assets: MIM's value is secured by a variety of assets which can offer some level of reassurance to token holders, as their investment is not tied down to the performance of a single asset.

  • Supported by major exchanges: The token is available on renowned exchanges such as Uniswap, Sushiswap, and FTX. The availability of MIM on these platforms implies greater accessibility for potential investors and better liquidity for the token.

  • Accessible through numerous wallets: MIM can be stored and managed in various cryptocurrency wallets such as MetaMask, Trust Wallet, and Ledger, enhancing its ease of use and accessibility.

  • Decentralized: MIM operates on a decentralized platform, offering transparency and removing the need for an intermediary.

  • Cons of MIM token:

    • Depends on underlying asset: As a stablecoin, MIM's value is tied to the underlying assets it's backed by, which means the price stability of MIM is dependent on these assets.

    • Volatility of underlying assets: Despite MIM being a stablecoin, the assets backing it may still be subject to volatility, potentially affecting the value of MIM.

    • Regulatory uncertainty: Like other cryptocurrencies, regulatory bodies around the world have not fully defined their stance on MIM, making its future somewhat uncertain.

    • Complex for beginners: The concept of stablecoins, the mechanism of operation and the blockchain technology in general can be complex for individuals new to the cryptocurrency space.

    • Asset management risk: As with any digital asset, there is a risk of loss either through technical errors, security breaches or poor management of the cryptographic keys required to access the tokens.

    • MIM Wallet

      The Etherbit wallet stands out as a premier choice for securely managing Magic Internet Money (MIM), tailored specifically to meet the needs of the MIM community.

      This hardware wallet offers an unparalleled level of security by enabling users to take full control of their digital assets, effectively safeguarding them from online vulnerabilities.

      Designed to meet both experienced cryptocurrency enthusiasts and newcomers to the digital currency realm, the Etherbit wallet ensures a user-friendly experience for securely managing, sending, receiving, and holding MIM tokens.

      Key features of the Etherbit wallet include its robust security protocols, which leverage state-of-the-art technology to protect private keys and transaction details from unauthorized access. The hardware wallet's intuitive interface facilitates effortless navigation and transaction management within the MIM ecosystem.

      Although primarily a hardware device, Etherbit's compatibility with various software interfaces ensures that it can seamlessly integrate with desktop and mobile applications, providing users with flexibility and convenience across different platforms.

      wallet

      What Makes MIM Unique?

      Magic Internet Money (MIM) represents an innovation in the cryptocurrency space through its function as a stablecoin. Unlike regular cryptocurrencies, which commonly face significant price volatility, MIM's value is tied to an underlying or a basket of assets, which allows for relative price stability. This differs considerably from many other cryptocurrencies that are not tied to any physical assets and can fluctuate wildly based on supply and demand dynamics.

      Another innovative aspect of MIM is its multi-asset backing. Each MIM token is backed by multiple types of collateral, providing a diversified backing that can potentially lower the risk of a significant drop in value. This is a contrast to certain other stablecoins which are often backed by a single asset, usually USD or another fiat currency.

      Last but not least, MIM operates on a decentralized platform offering significant advantages, such as open access, transparency, and removal of intermediaries. Many traditional banking and monetary systems, on the other hand, are centralized, requiring intermediaries and often involving opaque practices.

      What makes it unique?

      Yet, it's important to note that these innovative aspects come with their own challenges and risks, such as the volatility of the underlying assets backing MIM, regulatory uncertainties surrounding cryptocurrency, and the complexities of the technologies involved, especially for beginners.

      Market & Price

      Coin Airdrop

      No Confirmed Airdrops:

      Currently, there are no official announcements from the MIM team or related projects confirming any active or upcoming airdrops.Websites or social media channels offering MIM airdrops without official confirmation should be approached with extreme caution.

      Circulation of MIM

      The price of Magic Internet Money (MIM) has fluctuated significantly since its launch. It reached an all-time high of $1.13 in May 2021, but has since fallen to its current price of $0.999 (as of September 26, 2023). This represents a decline of over 10%.

      MIM is a non-mineable token, which means that there is no mining cap.

      The total circulating supply of MIM is currently 730 million.

      How Does MIM Work?

      Magic Internet Money (MIM) operates as a decentralized stablecoin, which means its working mode hinges upon blockchain technology and the principles of decentralization. As a stablecoin, the primary principle behind MIM is to maintain a stable value relative to a specific asset or a pool of assets.

      Behind MIM is the protocol called Abracadabra. The Abracadabra protocol allows users to take under-collateralized loans through their interest-bearing crypto assets, forming a spell that mints MIM. Users can lock up their interest-earning assets, such as Yearn Finance vault shares, as collateral to mint MIM.

      As mentioned, MIM can maintain its stake as a stablecoin due to asset backing. It's supported by a mixture of assets which are locked up in smart contracts on the Ethereum blockchain. If the price of these assets significantly changes, smart contracts formulate mechanisms to maintain the peg. For example, if the value of collateral falls, the contract can be liquidated to maintain the stability of MIM.

      How does it work?

      Exchanges to Buy MIM

      The following exchanges currently support the purchase and trading of the MIM token along with various currency pairs and token pairs:

      • Uniswap: This decentralized exchange allows for trading of the MIM token predominantly paired with MIM.

      • See this link for details on how to buy MIM:https://app.uniswap.org/tokens/ethereum/0x99d8a9c45b2eca8864373a26d1459e3dff1e17f3

        To purchase Magic Internet Money (MIM) on UniSwap, start by connecting a compatible cryptocurrency wallet, such as MetaMask or Trust Wallet, to the UniSwap platform. Ensure you have sufficient Ethereum (ETH) or another acceptable token in your wallet for trading and covering transaction fees. Then, select MIM from the list of tokens, set the amount you wish to swap, review the transaction details, and confirm the swap to complete your purchase of MIM.

        • Sushiswap: A decentralized exchange supporting the MIM token, offering primarily liquidity pairs with MIM.

        • FTX: This is a centralized exchange that offers the MIM/USD pair.

        • Curve Finance: This decentralized exchange supports MIM token and offers pairs with various stablecoins like DAI, USDT, and USDC.

        • MEXC : A decentralized exchange aggregator that supports MIM token trading with available pairs primarily against MIM.

        • See this link for details on how to buy MIM:https://www.mexc.com/zh-CN/how-to-buy/MIM

          How to buy it?
          How to buy it?
          • Balancer: A decentralized protocol for automated portfolio management allowing trading of the MIM token, with most pairs involving MIM.

          • Kyber Network: This is a decentralized exchange that supports the MIM token, offering a MIM/ETH pair.

          • Serum DEX: A decentralized exchange on the Solana blockchain supporting MIM token trading, primarily paired with USDT.

          • PancakeSwap: This is a Binance Smart Chain based DEX supporting MIM trading, typically pairing with BNB or BUSD.

          • QuickSwap: This is a layer 2 DEX on Polygon where you can trade MIM, often paired with MATIC.

          • Exchanges

            Please note that the availability of trading pairs can change frequently and it is always advised to check the current trading pairs on the respective exchanges.

            How to Store MIM?

            Storing MIM involves the use of digital wallets that support Ethereum-based tokens since MIM is an ERC-20 token. Here are a few wallet options that are compatible with MIM:

            • MetaMask: This is a browser-based wallet that allows users to interact with Ethereum-based applications directly from the browser. It supports all ERC-20 tokens, including MIM, for storage and transactions.

            • Trust Wallet: This application-based wallet operates on both Android and iOS devices. It supports a multitude of tokens, including all ERC-20 ones like MIM.

            • Ledger: Ledger offers hardware wallets that provide an offline or “cold” form of storage. Because these wallets are not internet-connected, they are considered safer from online threats. Ledger wallets can store ERC-20 tokens, including the MIM token, when used with a compatible wallet interface like MetaMask.

            • MyEtherWallet (MEW): This is a free, open-source, client-side interface that allows users to create a wallet to interact with Ethereum. MEW supports all ERC-20 tokens, including MIM.

            • How to store?
              • Trezor: A hardware wallet similar to Ledger, Trezor offers secure offline storage that supports ERC-20 tokens when used with a wallet interface like MyEtherWallet.

              • Is It Safe?

                Magic Internet Money (MIM) is considered safe for several reasons:

                • Hardware Wallet Compatibility: MIM supports storage on hardware wallets, which significantly enhances its security. Hardware wallets allow users to store their MIM tokens offline, away from potential online threats, ensuring that assets are kept in a highly secure environment.

                • Exchange Security Standards: MIM is available on reputable exchanges that comply with industry-standard security protocols. These platforms employ advanced security measures, such as SSL encryption, two-factor authentication (2FA), and regular security audits, to protect users' assets and personal information, ensuring a safe trading environment.

                • Token Address Security: The transfer of MIM tokens utilizes encrypted addresses, adding an additional layer of security to transactions. Each transaction is recorded on the blockchain with a unique, cryptographic address, enhancing the privacy and security of transfers by making them difficult to trace back to the individual's identity.

                • Overall, the safety of MIM is bolstered by its compatibility with secure hardware wallets, the adherence to high security standards by exchanges listing it, and the secure nature of its blockchain transactions, making MIM a reliable choice within the cryptocurrency space.

                  How To Earn MIM?

                  Earning Magic Internet Money (MIM) is feasible and can be accomplished through various methods within the decentralized finance (DeFi) ecosystem.

                  One primary way to earn MIM is by participating in yield farming, where users provide liquidity to MIM pools on platforms such as Abracadabra.money or other DeFi protocols. By depositing assets into these liquidity pools, users can earn interest or rewards paid out in MIM.

                  Additionally, users can engage in staking, where they lock up certain cryptocurrencies in a smart contract to support the operation of a blockchain network in exchange for MIM rewards.

                  Another method involves leveraging DeFi platforms to borrow or lend MIM, earning interest rates or other incentives offered by these platforms.

                  These earning mechanisms not only provide opportunities to accumulate MIM but also contribute to the liquidity and stability of the MIM ecosystem, making it a potentially profitable venture for those involved in the DeFi space.

                  Conclusion

                  Magic Internet Money (MIM) is a stablecoin that was founded in 2021. It operates via the Abracadabra protocol, allowing users to generate MIM through under-collateralized loans. The token value is tied to underlying assets to maintain price stability, differentiating it from many cryptocurrencies whose value can fluctuate significantly.

                  Being a digital asset, MIM is supported by various cryptocurrency exchanges and can be stored in several digital wallets. This contributes to its viability for trading, investing, and diverse applications in the DeFi sector.

                  As with any investment, earning potential or appreciation in the value of MIM is not guaranteed. The cryptocurrency market is highly volatile and any investment should be made based upon careful evaluation of the risk tolerance.

                  FAQs

                  Q: What is the basic concept of Magic Internet Money (MIM)?

                  A: MIM is a stablecoin that uses the Abracadabra protocol, which allows users to generate MIM tokens by utilizing under-collateralized loans.

                  Q: How does MIM maintain its value stability?

                  A: MIM retains its value stability by being backed by a mixture of assets via smart contracts on the Ethereum blockchain.

                  Q: Where can you buy or trade MIM tokens?

                  A: MIM tokens can be purchased or traded through multiple exchanges such as Uniswap, Sushiswap, FTX, among others.

                  Q: What type of wallets can store MIM tokens?

                  A: Wallets that support Ethereum-based or ERC-20 tokens, such as MetaMask, Trust Wallet, and Ledger, can be used to store MIM tokens.

                  Q: What makes MIM different from other cryptocurrencies?

                  A: MIM differs from other cryptocurrencies mainly by being a stablecoin, meaning its value is tied to certain assets, and offering a relatively stable price as compared to other volatile cryptocurrencies.

                  Risk Warning

                  Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.

User Reviews

More

12 ratings

Participate in evaluation
Giu
"The current regulatory environment for Magic Internet Money is murky and provides little clarity for investors, leading to increased risks."
2023-12-30 18:19
8
...88414
"Despite a solid background, Magic Internet Money's team lacks transparency which raises concerns. Still, with a sound strategy, they might turn things around."
2023-12-09 05:11
2
Rith Rith
"Magic Internet Money's tokenomics hints at robust economic sustainability. Despite concerns, their deflationary mechanism is intriguing. A balancing act, it is."
2024-01-13 21:23
8
Miguel Pinesela
"Magic Internet Money's team showcases a blend of commendable reputation and proven track record. Transparency could, however, be ramped up to bolster trust."
2023-12-12 05:26
5
...61405
"Magic Internet Money encounters fair swings, and it's volatility keeps investors on their toes. Historical price performance indicates trends of highs and lows, so be prepared to ride the roller coaster."
2023-10-28 20:37
9
My Luo
"The team behind Magic Internet Money has demonstrated remarkable transparency and a solid track record. Their experience and reputation in the field is a refreshing asset in the crypto sphere!"
2024-02-21 17:11
1
1000X
"Magic Internet Money stands out among its peers with its key differentiated factors. A player ahead in the crypto game!"
2023-12-04 13:24
3
ginksenk
"Magic Internet Money has seen solid uptake. Merchants are increasingly adopting this cryptocurrency, proof that it's moving beyond hype. A positive trend!"
2023-11-01 00:01
1
klean
"Admiring the robust blockchain structure of this cryptocurrency, its scalability and consensus mechanism are top-notch. Technically superior and secure!" "Highly impressed by the team's experience, reputation, and transparency. Their record is remarkable and they're fluent in the language of blockchain." "Appreciating the practical application of this token. High potential to solve industry problems and meet market demands. Its usefulness is undisputed." "Enthralling user base, merchant acceptance, and high developer activity marks. This cryptocurrency's adoption rate is admirable." "The tokenomics of this crypto is balanced. Token distribution, inflation/deflation, and economic sustainability are well-planned, providing confidence." "Havent seen a project with such a dynamic and active community. High involvement levels and supportive developers make this a people's favorite." "Security has never been an issue with this crypto. Their flawlessly clean audit report and trust within the community speak volumes about its safe nature." "Kudos to their regulatory awareness. Aptly poised to navigate both the current regulatory environment and potential future impacts." "In a competitive market, this cryptocurrency stands out. Their unique selling proposition and the way they compare to similar projects is commendable." "Investor sentiment is generally positive around here. High market cap, good liquidity and a balance of fundamentals and hype make this a promising asset." "The price volatility of this cryptocurrency is reasonable. History suggests a moderate risk level with strong long-term potential. Worth exploring."
2024-02-10 02:16
8
Yi-Ru Lee
"Thrilled with this crypto's blockchain technology and it's potential to solve real-world issues! Solid team experience, transparency, and active developer engagement adds to confidence." "The tokenomics of this crypto is well-designed with sustainable inflation/deflation mechanics. Security audits display no major issues and community trust is high, so feeling secure." "This cryptocurrency's application prospects are incredibly promising, with a clear market demand already present. The team behind it is competent and professional, boosting my faith." "Love the wide user base and high merchant acceptance of this crypto. It stands out from similar projects due to unique features. Plus, the community support and communication are fantastic." "Robust blockchain technology and outstanding scalability of this crypto struck me. The team's reputation and track record are impressive. User adoption seems to be widespread which is reassuring." "The consensus mechanism of this crypto is unique, as is the level of anonymity it provides. Furthermore, the community's enthusiasm and developer activity contributes to my optimism." "This cryptocurrency's performance history demonstrates low volatility and solid long-term potential. The rewards in terms of market cap and liquidity are substantial. The hype is backed by strong fundamentals." "Community involvement and sentiment towards this crypto is overwhelmingly positive. The regulatory environment is beneficial too. Constantly impressed by the team's commitment to transparency." "The difference between this crypto and other similar projects is its ability to solve real world problems. With a trustworthy team and developer activity, it's a safe investment." "Exciting potential for actual application and market demand for this crypto. Developer engagement is high, adding value. The audits confirm safety. Regulatory environment is a bonus."
2023-12-31 14:47
7
cec
"Magic Internet Money's regulatory aspect shows promise. Given its compliant nature, it seems primed for navigating through potential legislative curves in the future. Balanced regulatory strategy!"
2023-12-14 20:51
4
Sun Jin
1. "Technological aspect of this cryptocurrency is outstanding. Its blockchain technology and scalability are top-notch." 2. "In terms of utility, this cryptocurrency has considerable market demand and potential to solve real-world problems." 3. "Impressed with the experienced and transparent team behind this cryptocurrency. Their reputation speaks for itself." 4. "Adoption rate of this crypto is impressive. Kudos to the active developer community." 5. "Token economics is well-designed with a sustainable economy and a balanced distribution." 6. "Safety is a priority with this cryptocurrency. No history of security breaches. Thumbs up for community trust and positive audit reports." 7. "Despite stringent regulations, this cryptocurrency keeps thriving. The potential future impacts are promising." 8. "This crypto stands out amidst competitors. Key differentiating factors are evident." 9. "Community engagement and support for this crypto are phenomenal! Lots of positive vibes." 10. "Volatility wise, this cryptocurrency shows stable historical price performance and has long-term potential." 11. "Rewards are manifold. With good market cap and liquidity, this crypto pairs solid fundamentals with just the right amount of hype."
2023-11-25 03:05
6