Abracadabra Magic Internet Money Passes Proposal to Launch on BSC

Hocus Pocus

Abracadabra has passed a proposal that will bring Magic Internet Money to Binance Smart Chain (BSC) in the near future. 

Magic Internet Money (MIM) is a project which invites users to deposit interest-bearing assets such as yvYFI, yvUSDT, yvUSDC, and xSUSHI for the Magic Internet Money stablecoin. The MIM stablecoin can then be traded for other stablecoins as required.

Before the implementation could pass, Magic Internet Money first put the colorfully named  “Deploy Cauldrons and Degenbox on BSC” proposal to a vote.

“A new governance proposal is out to decide whether we should deploy http://abracadabra.money on #BSC,” said Abracadabra Magic Internet Money in tweet on October 27th. Three days later, on October 30th, the project reported back that, “The #BSC proposal has passed!”

In the end, the vote carried by an overwhelming 3.51 billion sSPELL to 4.24 million sSPELL, meaning that 99.8% votes were cast in favor. Users may have been won over by the strong arguments in the proposal itself. As MIM points out, “With Abracadabra moving to BSC, we could capture more TVL, new assets and completely new users.”

In its persuasive pitch, the project also cited the $1 billion Binance ecosystem fund as another reason why MIM should incorporate BSC, describing the change as a ‘no brainer.’ The protocol also passed $1 billion total supply in October, establishing itself as one of the premier DAOs across DeFi.

As yet, full implementation details and schedule have yet to be revealed.

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What is Abracadabra Magic Internet Money

Abracadabra.money is a magical crypto spellbook that allows users to produce magic internet money ($MIM) which is a stable coin that you can swap for any other traditional stable coin. The protocol functions as a multi-chain lending protocol utilizing interest-bearing assets to mint Magic Internet Money. As a spellcaster, users provide collateral in the form of interest-bearing crypto assets such as yvYFI, yvUSDT, yvUSDC, xSUSHI, and more.

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