• Use anonymously. No KYC required.
Abracadabra.money protocol is an open-source, decentralized crypto finance platform that provides lending, borrowing, swapping, staking, and leverage trading tools for users. Abracadabra protocol’s founders are anonymous. Daniele Sestagalli and Squirrel (Squirrel’s real name is unknown) run the platform since its launch in May 2021. There is not enough information and detail about the project’s founders, investors and team on the web or on the official website.
Abracadabra is a decentralized stablecoin lending protocol against collateralized interest-bearing crypto assets. Abracadabra protocol is has its cross-chain stablecoin Magic Internet Money (MIM) that is pegged to US Dollar. Users can get a loan in MIM stablecoin by collateralizing their tokens in vaults. Users keep earning rewards for staking their tokens, while the tokens are collateralized. The protocol passed $1 Billion market cap in October 2021, when the Bitcoin price was at an all-time high.
The protocol uses Kashi Lending Technology for lending, Curve for swapping, AnySwap and Arbitrum for bridging. Users can swap and trade cryptocurrencies on the platform. The platform also allows users to use leverage in trading and in yield farming. Users can use 10x leverage by collateralizing their assets, getting a loan, and repeating it 9 times. The platform doesn’t require any KYC or background checks. Anyone can connect to the platform with a web wallet and use the protocol anonymously.
The Abracadabra platform has two tokens; MIM and SPELL. While MIM is a crypto-asset-backed stablecoin, SPELL is a governance token. Users can stake SPELL tokens and earn sSPELL, which gives them the right to vote in the protocol’s governance and to claim revenue generated in the platform.
MIM token lost its peg to $0.90 during the Luna Crash in June 2022, and it was claimed that the protocol accrued $12 Million in bad debt. Daniele Sestagalli denied the claims and the protocol’s stablecoin MIM gained its peg later. There is no hack or exploit in the Abracadabra Protocol’s short history.
|How Much Can I Earn on Abracadabra|
Abracadabra supports over 10 currencies including Ethereum, Shiba Inu, Wrapped Bitcoin and PancakeSwap.
|WBNB Wrapped BNB||Wrapped BNB|
|LUSD Liquity USD||Liquity USD|
|SPELL Spell Token||Spell Token|
|Crypto to crypto exchange||Yes|
|Fiat to crypto exchange||No|
|Pro exchange marketplace||No|
|Peer to peer exchange||No|
|Integrated crypto wallet||No|
|Know your customer||No|
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