---
title: "Magic Internet Money (MIM) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/mim-abracadabra/"
description: "Build-time stablecoin profile for Magic Internet Money (MIM). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# Magic Internet Money (MIM)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Battle-scarred CDP stablecoin minted against exotic crypto collateral in Abracadabra cauldrons; reflexive peg, no redemption backstop, and a steady-state user base too stubborn or leveraged to leave. Magic Internet Money has survived multiple hacks, a Treasury manager convicted of fraud, a governance token down 99%, and hundreds of depeg events including a catastrophic -7,503 bps crater — and it still sits near $30M circulating across more than a dozen chains. A C+ overall grade is about what you'd expect from a {{term:cdp}}CDP{{/term}} stablecoin with no {{term:redemption}}redemption{{/term}} backstop and a collateral base that reads like a museum of DeFi exotica: yield-bearing vault tokens like yvDAI plus WBTC and WETH deposited into isolated cauldrons. The peg mechanism is reflexive rather than structural — borrowers buy discounted MIM to repay debt, which only works when borrowers exist and care about their positions. That reflexivity keeps MIM tethered most days, but it also explains why the asset still flickers onto the stress radar instead of resting at the calm end of the scale. Supply has been dead flat for weeks, suggesting MIM has reached a steady state where the remaining users are either loyal or leveraged, and at this point its continued existence is itself a data point about how much damage a DeFi protocol can absorb before users finally leave — the answer, apparently, is more than anyone expected.

## 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

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x99d8a9c45b2eca8864373a26d1459e3dff1e17f3` | 18 |
| arbitrum | `0xfea7a6a0b346362bf88a9e4a88416b77a57d6c2a` | 18 |
| avalanche | `0x130966628846bfd36ff31a822705796e8cb8c18d` | 18 |
| fantom | `0x82f0b8b456c1a451378467398982d4834b6829c1` | 18 |
| bsc | `0xfe19f0b51438fd612f6fd59c1dbb3ea319f433ba` | 18 |
| optimism | `0xb153fb3d196a8eb25522705560ac152eeec57901` | 18 |
| polygon | `0x49a0400587a7f65072c87c4910449fdcc5c47242` | 18 |
| kava | `0x471ee749ba270eb4c1165b5ad95e614947f6fceb` | 18 |
| blast | `0x76da31d7c9cbeae102aff34d3398bc450c8374c1` | 18 |
| moonriver | `0x0cae51e1032e8461f4806e26332c030e34de3adb` | 18 |
| nibiru | `0xfcfc58685101e2914cbcf7551b432500db84eaa8` | 18 |
| base | `0x4a3a6dd60a34bb2aba60d73b4c88315e9ceb6a3d` | 18 |
| linea | `0xdd3b8084af79b9bae3d1b668c0de08ccc2c9429a` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/mim-abracadabra.