Magic Internet Money (MIM) frozen stablecoin archive
MIM is Abracadabra's CDP-style stablecoin minted against interest-bearing tokens and crypto collateral in cauldron vaults, with automatic liquidations.
Static Profile
Static stablecoin profile
Magic Internet Money (MIM) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
AI summary / Updated Jul 8, 2026
Battle-scarred CDP stablecoin minted against Abracadabra cauldrons; reflexive peg, no modeled redemption backstop, and a remaining user base too stubborn or leveraged to leave. Magic Internet Money has survived multiple cauldron exploits, a treasury-manager scandal, a...
AI summary · drafted by claude-fable-5 · reviewed by @TokenBrice on Jul 8, 2026 · facts as of Jul 8, 2026
- Collateral
- Interest-bearing tokens and crypto collateral deposited into active Abracadabra cauldrons, currently concentrated in yvDAI and WBTC with smaller yvWETH/WETH positions
- Peg Mechanism
- CDP-style cauldrons with overcollateralization and automatic liquidations (4% liquidation fee); borrowers are incentivized to buy MIM below $1 to repay debt; 0.5% borrow/interest fees accrue to sSPELL stakers and governance treasury
- Jurisdiction
- Not disclosed in the static profile.
- Proof Of Reserves
- No proof-of-reserves entry in the static profile.
Snippet Answer
Is MIM safe?
Magic Internet Money is a frozen Pharos archive, not a current safety endorsement. The archived static profile records a CeFi-Dependent governance model, Crypto-Collateralized backing, curated reserve profile, and notes that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies.
Next Actions
This record preserves static and historical context; live actions are available only for active assets.
Source: checked-in StablecoinMeta profile fields. This inactive record does not participate in current live monitoring; the summary above was last updated Jul 8, 2026.
MIM quick answers
What is Magic Internet Money (MIM)?
MIM is Abracadabra's CDP-style stablecoin minted against interest-bearing tokens and crypto collateral in cauldron vaults, with automatic liquidations. The static profile records its US Dollar peg mechanism as: CDP-style cauldrons with overcollateralization and automatic liquidations (4% liquidation fee); borrowers are incentivized to buy MIM below $1 to repay debt; 0.5% borrow/interest fees accrue to sSPELL stakers and governance treasury
Is MIM safe?
Magic Internet Money is a frozen Pharos archive, not a current safety endorsement. The archived static profile records a CeFi-Dependent governance model, Crypto-Collateralized backing, curated reserve profile, and notes that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies.
What backs MIM?
Pharos classifies MIM backing as Crypto-Collateralized. Collateral, per the static profile: Interest-bearing tokens and crypto collateral deposited into active Abracadabra cauldrons, currently concentrated in yvDAI and WBTC with smaller yvWETH/WETH positions Reserve evidence: curated reserve profile.
Can MIM be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. MIM is a frozen Pharos archive; the recorded history below is read-only.