What is Magic Internet Money(MIM)?
MIM is a USD soft-pegged stablecoin minted by the Abracadabra.money decentralized platform. Abracadabra uses interest-bearing tokens as collateral to mint MIM. Interest-bearing tokens that can currently be used as collateral include liquidity provider (LP) tokens from Convex, Curve, Yearn, among others. Loan liquidations in Abracadabra differ from other stablecoin/lending protocols like MakerDAO, such 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.
Token
MIM is an ERC-20 token that is soft-pegged to USD. MIM remains pegged via arbitrage incentives within the Abracadabra ecosystem. When MIM is trading below USD1.00, arbitrageurs are incentivized to buy MIM at a discounted price, and potentially pay off some of their debt at a cheaper price than if MIM were USD1.00. If MIM is trading above USD1.00, arbitrageurs are incentivized to borrow more MIM and sell it at a premium.
https://www.gemini.com/prices/magic-internet-money
Professional investors are as likely as individual investors to mistakenly purchase the wrong stock by choosing a company with a similar name or stock market ticker symbol, according to new findings by Rutgers University‒Camden researchers.
Vadim Balashov and Andrei Nikiforov, both assistant professors of finance at Rutgers University–Camden, found that in companies with similar names or tickers, five percent of their total trading volume was caused by news involving an unrelated company!
Source: news.camden.rutgers.edu
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MIM(Magic Internet Money) ≠ MIM(MIM)
https://www.livecoinwatch.com/price/MagicInternetMoney-MIM
Magic Internet Money(MIM)
Livecoinwatch saturday, december 25 2021 at 05:38 UTC
Rank: 114
MARKET CAP: $882.868 M
VOLUME: $131.526 M
Total Transfers
106,592
Holders
3,845
https://www.livecoinwatch.com/price/MIM-_MIM
What is MIM(MIM)?
A swarm for the next generation of creators.
A swarm in our terms is a loosely formed group of nyms or pseudonyms acting together for a common goal. Our swarm will focus on the metaverse, a digital space where you have NFT’s, virtual reality, social media and augmented reality.
What is a nym?
A nym (pronounced NIHM and a shortened form of "pseudonym,") is a name invented by or provided for an Internet user in order to conceal the user's real identity and, in some cases, to expressly create a new and separate Internet identity. ... You simply feel strongly about protecting your privacy on the Internet.
The token MIM is an SPL token issued on Solana , due to its fast transaction speed, scalability, low cost per transaction and low environmental impact.
SPL tokens are fungible tokens on the Solana Blockchain. These tokens are based on the Solana Program Library (SPL). SPL tokens can be stored in Solana compatible wallets such as the Solana SPL token wallet sollet.io.
https://frontierprotocols.com/beginners-guide-to-spl-tokens-on-solana/
The MIM token was launched using a "fair launch" model on Serum decentralized exchange. A "fair launch" means you just set up liquidity for your token on an DEX so everyone can buy at an affordable price without any presale or venture capital.
You can use the MIM token to purchase MIM products, reward fellow creators or purchase services from other MIM creators.
You can purchase MIM on the Serum DEX on the Solana Blockchain
MIM(MIM)
Livecoinwatch saturday, december 25 2021 at 05:49 UTC
Rank: 7540
MARKET CAP: $?
VOLUME: $67.851 K
Total Transfers
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Holders
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Part of the swarm:
This article may be subject of future updates, stay tuned...
Thumbnail Image by suju-foto from Pixabay
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