What is Abracadabra Money (SPELL)

1. Project Introduction
A lending platform that allows users to borrow MIM ("Magic Internet Money"), a USD-pegged stablecoin, using interest-bearing tokens (ibTKNs) as collateral. MIM functions like any other traditional stablecoin.
Summary: Abracadabra utilizes Kashi lending technology, pioneered by SushiSwap (SUSHI), to offer isolated lending markets. This enables users to adjust risk exposure based on their chosen collateral. Users can deposit collateral and borrow MIM, while also yield farming by staking LP tokens.
2. Team & Investment Info
Not an official DAO, governance occurs via Snapshot votes.
MIM is minted through a 6/10 multisig contract composed of anonymous users, including founders from:
YFI (Yearn Finance)
Cream Finance
Curve
StakeDAO
Convex
Funding: Received a $1.21M grant from Arbitrum Foundation in October 2023.
3. Social Media URLs
X: https://x.com/MIM_Spell
Telegram: NA
Discord: https://discord.com/invite/mim
4. Token Info
Token Symbol: SPELL
Total Supply: 210,000,000,000
Token Type: ERC
Issuance/Burn Mechanism: Fixed supply
Contract Address: 0x090185f2135308bad17527004364ebcc2d37e5f6
Token Distribution:
Liquidity Mining Rewards: 63%
Team: 30% (0% TGE unlock, 4-year linear release)
IDO: 7% (100% TGE unlock)
5. Related Links
Official Website: https://abracadabra.money/
White Paper: https://docs.abracadabra.money/learn
Other Info: https://github.com/Abracadabra-money
https://analytics.abracadabra.money/