Abracadabra.Money’s stablecoin, Magic Internet Money (MIM), has surged past a $1-billion total supply this month as the project works to provide competition to MakerDAO.
Abracadabra is a cross-chain stablecoin lending protocol that operates on Ethereum, Binance Smart Chain (BSC), Fantom, Avalanche and Arbitrum. Along with MIM, the project also has a SPELL governance token that can be staked on the protocol.