It’s been a while since the last time we welcome new member of our Privacy League. Today, we’re pleased to announce $MIM and & $SPELL from Abracadabra Money Team are now available on Incognito Network.
To be more specific, Abracadabra Money is a top earning platform on Ethereum, Fantom, BSC mainnet, etc… And its assets $MIM, $ SPELL are ready to be shielded into Incognito, users can Store/ Send/ Receive and even Swap these assets for other favorite tokens.
Abracadabra Money is a decentralized finance lending platform with plans to help user’s digital investment move into the future. It is built upon a number of commonly referenced cryptocurrency concepts, including but not limited to: 1.Interest (or yield) bearing tokens, 2.Lending pools, 3.Cross-chain system, 4.US-dollar backed stablecoins.
The innovative approach that Abracadabra Money implements is to not only leverage the use of interest-bearing tokens, but also leverage the borrowing of them exponentially:
It is a lending platform that uses interest-bearing tokens (ibTKNs) like yvWETH, yvUSDC, yvYFI, yvUSDT, xSUSHI,… as collateral to borrow MIM (Magic Internet Money) which is a USD-pegged stablecoin. MIM has the same function similar to any other stablecoins.
Also, the innovative idea is that: Abracadabra Money has brought interest-bearing tokens into use. Before, those tokens are left idle. With Abracadabra Money, users can leverage their funds to the next threshold at minimum risk, opening various additional models and possibilities. Users have an alternative other than Yearn Finance!
It’s worth remember that: As long as users control their collateral ratio and risk tolerance well enough, this model is efficient, especially with the use of interest-bearing tokens. Abracadabra Money Team commits to boost users’ capital efficiency, at the same time, they are still earning yields from those tokens.
With the above-mentioned benefit, there are two main tokens in the Abracadabra Money ecosystem:
$SPELL (Abracadabra Money Token) serves as the governance token. Incognito utilized this token’s liquidity on SpookySwap so that everyone can start trading anonymously without the fear of huge slippage.
$MIM (Magic Internet Money) is the core component to sustain the Abracadabra Money’s lending model. Incognito utilized this token’s liquidity on Pancake allowing anonymous trading with significant amount of liquidity.
In the effort to jointly make a better Ecosystem, Incognito now adds the Privacy Layer to activities relating to $MIM, $SPELL and any of Abracadabra’s Interest Bearing Asset (Asset representing a deposit into their Vault: yvWETH, yvUSDC, yvYFI, yvUSDT, xSUSHI for example). Please contact us to express your wish of adding any Internet Bearing Asset mentioned above!
Incognito team strongly believe: During the current market condition, standing together to deliver values to Crypto Community seems to be the best option. Just like the old saying: “In time of crisis, the wise build bridges”.
Let’s download the Incognito Wallet, Wallet extension, then start shielding $MIM, $SPELL to buy, sell, send, receive, store and even swap your favorite Asset.