Abracadabra.money is an omnichain DeFi lending platform that allows users to deposit interest-bearing tokens (ibTKNs) as collateral to mint Magic Internet Money (MIM), a USD-pegged stablecoin. This mechanism enables users to unlock liquidity from their yield-generating assets without selling them. The platform operates through isolated lending markets called "Cauldrons," each with specific risk parameters and collateral types.
Is Abracadabra.money a secure platform?
While Abracadabra.money implements standard DeFi security practices, it has experienced notable security incidents. In March 2025, the platform suffered a $13 million exploit targeting GMX-linked pools, following a $6.49 million breach in January 2024. These events highlight the inherent risks in DeFi platforms, emphasizing the need for users to exercise caution and conduct thorough research.
How to use Abracadabra.money?
To use Abracadabra.money, users can visit the platform's website and connect their crypto wallet. They can then choose a suitable Cauldron, deposit accepted collateral, and borrow MIM against it. Additionally, users can participate in staking, liquidity provision, and other DeFi activities offered by the platform.
What service does Abracadabra.money offer?
Abracadabra.money offers several DeFi services, including borrowing MIM using ibTKNs as collateral, staking SPELL tokens to earn rewards and participate in governance, and providing liquidity through MIMSwap. The platform also supports leveraged positions, allowing users to increase their exposure by borrowing MIM and swapping it for more collateral. These services aim to provide users with flexible financial tools within the DeFi ecosystem.
Contact sales
Do you want to build a similar product together with GetBlock?
