MIM Use Cases

In this article , we aim to compare MIM users with UST users and describe user behavior by comparing the volume and count of transactions between these two groups.

Abracadabra Money is a lending platform that allows users to deposit interest bearing tokens like Yearn Finance debt tokens and stable coins like UST as collateral and borrow MIM stable coin. MIM token, Magic Internet Money token, is a USD pegged stable coin from Abracadabra and it can be used any other stablecoin. 

Abracadabra Money recently introduce its first leverage strategy for UST deposits, aptly named degenbox, that allows leveraging collaterals upto 10x to those who loves to live on the edge. With the Degenbox strategy users can deposit UST to Abracadabra to borrow MIM tokens and then convert MIM tokens to UST and deposit them back to Abracadabra in a loop. With a recursive loop deposits UST, borrow MIM, swap MIM for UST users will be able to leverage up to 10x and push their APY to insance 100% on stablecoin. If you are aware of InstaDapp leverage strategies, this sounds very familiar to you.

Let me repeat if you were not paying attention to the statement above – UST deposits to Abracadabra can earn upto 100% APY! That is insane in the age where most of stablecoins deposits elsewhere gives 8%-10% APYs.

With the most interacted apps for both MIM and UST, we are comparing their transaction counts separately in this article.

By examining the below graph we can see which apps are most commonly used by MIM users in terms of transaction counts . We can see that most of the transaction counts are held by using Sushiswap alone. here the abracadabramoney is playing in 2nd most interacted app role .

Here from the below graph we can see the transaction count of most interacted app by UST users.

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