Abracadabra Magic Money Arrives to Binance Smart Chain

After a successful proposal vote that brings Cauldrons and Degenbox to the BSC, the protocol has launched on BSC with 2 markets.

By
Anirudh Tiwari
on
November 25, 2021
Category:
BSC News

Protocol Lands on BSC with Two Markets

Abracadabra.Money has finally landed on Binance Smart Chain (BSC) with 2 markets, Wrapped BNB (WBNB) and PancakeSwap (CAKE), as per the protocol’s official Twitter post.

The announcement also mentioned that in a bid to attempt “something new” to allow the community to get their MIM tokens, the top-up for these “cauldrons” hasn’t begun yet. For now, users can deposit collaterals and wait on the top-up to begin borrowing. The only official MIM on BSC is available through the Anyswap Network.

“Abracadabra.money is a multichain project and because of this it is a no brainer to deploy on BSC as it is the second largest chain in this EVM ecosystem,” mentioned the passed proposal for deploying Cauldrons and Degenbox on BSC that was started on Oct. 27 that lasted till Oct. 29.
Source: Abracadabra Money Medium

As previously reported by BscNew, the protocol passed the proposal to launch on the BSC network earlier this month, on Oct. 29. Over 99.8% of votes in the governance proposal were cast in favor of launching on BSC.

Additionally, the protocol launched its first Degenbox Strategy on Avalanche that enhances the yield on interest-bearing collaterals on Nov. 24, as per the announcement via a Twitter post.

Source: Abracadabra Money Medium

About Abracadabra Magic

Abracadabra.magic is a magical cryptocurrency spellbook that enables its users to produce Magic Internet Money (MIM) token, which is a stablecoin that can be swapped for any of the other traditional stablecoins. Users, i.e., the spellcasters, can provide collateral in the form of various interest-bearing crypto tokens like yvYFI, yvUSDT, yvUSDC, xSUSHI, and more.

Find more about Abracadabra here:

Website | Twitter | Discord | Medium |

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Anirudh Tiwari

Anirudh is a cryptocurrency analyst and writer who specializes in derivatives, DeFi, regulations and CBDCs. He has a Master’s degree in Finance. Before delving into crypto, he worked with a leading U.S. based investment bank. Apart from work, he is a music connoisseur and likes to play the drums. His largest holdings in crypto are Ethereum, Cardano, and Polkadot.

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