Summary:
Proposed by the abracadabra.money team
The abracadabra.money team proposes to add the [[MIM-3Pool]] Metapool on Curve.fi. Adding the MIM-3pool metapool to Curve would allow deeper liquidity on the pair and further incentivize the use of our protocol.
Project Details:
$MIM (Magic Internet Money) is abracadabra.money’s USD-pegged stablecoin. Abracadabra.money is a lending protocol that allows users to use their interest bearing tokens, such as yvUSDT or xSUSHI, as collateral in order to borrow $MIM. For a complete list of our collaterals and our TVL check our website.
Abracadabra.money licensed and uses Sushiswap’s Kashi Lending protocol, which has been audited by multiple firms and undergone formal verification. Check out more on security here.
You can read more about how our protocol works in detail on our Medium Page here.
In order to keep MIM pegged to the other major Stablecoins, 45% of the total supply of SPELL tokens (abracadabra.money governance token) will be distributed to the stakers of MIM-3LP3CRV LP tokens. A 10 Year halving model will be followed, which will cut in half the rewards distributed every year.
Being on Curve.fi would help users to find MIM more easily, and have a better user experience overall compared to the lesser known curve factory sites. As of right now, our users have locked more than 100M$ worth of MIM-3LP3CRV-f-2 LP tokens and collateralized approximately 60M MIMs. These numbers are increasing steeply as our first lending market and the LP incentivization program launched less than 2 weeks ago.
Motivation:
Curve’s ability to provide the best user experience with pegged price stable coins makes it the ideal place for MIM, a USD stable coin. The use of 3CRV to build a meta pool also allows users to reduce their exposure to assets that they may not wish to hold exposure to. By adding the MIM-3CRV to the main UI, it will gain the benefit of increased analytics, increase the level of trust, and increase liquidity depth.
Statistics:
Here are a few current stats on the curve factory pool as of the 06/11/2021 (LP staking rewards started on the 06/05/2021).
Current TVL - 47,707,180 3CRV / 56,657,873 MIM
Average Token Transfers per day - ~452
URL to Factory Pool contract here
Useful Links
Website: https://abracadabra.money/
Medium: Abracadabra.Money – Medium
Twitter: https://twitter.com/MIM_Spell
Community Run TG group: Telegram: Contact @MIM_Spell
MIM Token Address: 0x99d8a9c45b2eca8864373a26d1459e3dff1e17f3
Poll:
https://signal.curve.fi/#/curve.eth/proposal/QmeAqY7aauXV2wRFauZmYdkdvg6SNVnyRfsDsuDJeTK97x