Abracadabra.money is a DAO-governed, omnichain DeFi lending platform and the issuer of Magic Internet Money (MIM), a US-dollar stablecoin backed by interest-bearing collateral.
| Product | Backing | Status | Market cap |
|---|---|---|---|
| MIMMagic Internet Money | Crypto Backed | Active | $2M |
| Founded | 2021 |
| Stage | DAO |
| Ticker | SPELL |
| Founders | Daniele Sestagalli |
| Key events | Date 2021-05 · Event Launched Magic Internet Money (MIM) and the Cauldron lending marketsDate 2024-01 · Event Lending markets hit by a smart-contract exploit; MIM briefly depeggedDate 2026-06 · Event MIM suffered a liquidity-driven depeg; protocol raised Cauldron rates to restore the peg |
| Website | https://abracadabra.money/ |
Abracadabra.money is an omnichain decentralized lending platform governed by its DAO. Users deposit collateral into lending markets to mint its stablecoin, Magic Internet Money (MIM).
MIM is a US-dollar stablecoin minted against interest-bearing tokens and other crypto collateral through the protocol's Cauldron lending markets.
As a decentralized protocol, Abracadabra does not operate as a licensed issuer; no issuer-level licenses or registrations were identified.