Abracadabra Review

Abracadabra Money, launched in 2021, is a DeFi platform that lets users borrow MIM, a stablecoin, by using interest-bearing tokens as collateral. Operating across blockchains like Ethereum, Avalanche, and Fantom, it helps users access liquidity from assets that would otherwise be locked. Part of the Frog Nation, a group of decentralized projects led by Daniele Sestagalli, Abracadabra utilizes the SPELL token for governance and staking, offering stakers 75% of the platform's fees. With a strong focus on decentralization, the project stands out for promoting alternatives to centralized stablecoins like USDC.

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Abracadabra offers

USDT

USDC

MIM

36.49%

Status

Available

Flexible

$12 309 480

Arbitrum

Coin

Action

USDT

USDC

MIM

36.49%

Flexible

$12 309 480

Arbitrum

Crypto earn alerts on Abracadabra

Criffy provides an ideal way to stay on top of earning programs across protocols and dApps. For Abracadabra, you can easily track new earning opportunities, monitor APY changes for specific offers, and receive notifications when you can start earning interest on a particular cryptocurrency. Setting up an alert helps you stay informed about the best earning opportunities on Abracadabra.

Earning crypto on Abracadabra

Protocols and dApps offer various options to earn crypto, like lending or participating in liquidity pools. With Criffy, you can easily track five different earning options from Abracadabra. Check the table above for all the details.

Current TVL of the Abracadabra protocol

The Abracadabra protocol's Total Value Locked (TVL) is currently N/A. TVL is a helpful metric in DeFi, showing the total assets users have deposited into a protocol’s smart contracts. It gives a snapshot of liquidity and the level of trust from the community, helping to show how much value a platform like Abracadabra is holding.

Abracadabra protocol type

Abracadabra is a type of Collateralized Debt Position (CDP) protocol, which lets users lock up assets as collateral to take out loans. With CDP, you can borrow funds without having to sell your assets, keeping the potential for their value to grow. Abracadabra approach is well suited for those looking to access liquidity in a flexible, decentralized way while still holding onto their investments, a key benefit that has made CDP models popular in the DeFi space.

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