Abracadabra Money’s Stablecoin Magic Internet Money (MIM) has surpassed the সরবরাহ 1 billion total supply this month as the project works to make McCardao competitive.
Abracadabra is a cross-chain stablecoin transaction protocol that works on Ethereum, Benson Smart Chain (BSC), Phantom, Avalanche and Arbitram. In addition to MIM, this project also has a spell governance token that can rely on protocols.
The project describes itself as a “spell book” that enables users to make deposits through interest-bearing tokens such as yvUSDC, xSUSHI and borrow MIM stablecoins against their tokens.
“To reverse the spelling, Custer simply returns the created MIMs to the spelling book. Then the tokens bearing the magically closed interest are released,” the website reads.
Interest-bearing token decentralized exchange (DEX), such as XSUSHI, provides hoodlers with a reduction in fees from sushi-swaps.
Abracadabra was launched in May, and according to Koenigseau, MIM has risen to seventh place in the stable rankings with a market cap of 1. 1.14 billion at the time of writing.
Although McDaO’s DAI Stablecoin currently ranks fourth with a market cap of .. 6.4 billion, the rise of MIM’s meteorite suggests that it could soon offer strong competition to popular platforms.
In contrast, DAI201 was launched in December and exceeded the ্যাপ 1 billion market cap by the end of 2020. One caveat to this, however, is that there was significantly less activity in the crypto market when DAI was introduced.
Abraqadbara charges a fee from the interest paid on it. It surpassed McDaio last week in terms of fees, which generated 1. 1.27 million against 969,000, respectively. With 13 13.7 billion to 7 1.7 billion, McCardao still tops Abracadabra in terms of total value locked (TVL).
Related: The founders of McArdao plan to tackle climate change and return to ETH
Abrakadabra’s pseudonymous co-founder, known as “Squirrel”, told The Defiant The Def October that the project’s success was driven by efforts to enable support for multiple blockchains:
“By being multi-chain with Abracadabra, we are the first and only decentralized stable coin that can be minted in different chains.”
Squirrel further points out that its fee structure has contributed to its rapid adoption, as spell stalkers receive 75% of the protocol’s interest through spell tokens that are rewarded to stalkers.