Magic Internet Money token
Overview
Magic Internet Money (MIM) is a US-dollar-denominated stablecoin issued by Abracadabra.money, an omnichain DeFi lending platform that lets users deposit interest-bearing tokens as collateral and borrow against them while the collateral keeps earning yield. Borrowing happens through isolated lending markets known as 'cauldrons', each with its own collateral type and risk parameters, and MIM can be moved between chains using the protocol's 'Beam MIM' bridging function. The protocol also offers leverage loops and staking strategies for non-yielding assets. MIM has repeatedly lost its dollar peg following security incidents. In January 2024 an exploit of Ethereum cauldrons cost about $6.49 million and broke the peg; in March 2025 attackers took roughly $13 million (about 6,260 ETH) from gmCauldrons that accepted GMX V2 GM LP tokens as collateral, apparently using a flash loan; and on 4 October 2025 an attacker drained about 1,793,755 MIM (~$1.79 million) from a Cauldron V4 contract by bundling a borrow with a rogue action inside a single `cook()` call to bypass the solvency check. Abracadabra launched MIM as a stablecoin backed by yield-bearing collateral in isolated cauldrons. It suffered three significant exploits: ~$6.49 million on Ethereum cauldrons in January 2024, ~$13 million on GMX-collateralised gmCauldrons in March 2025, and ~$1.79 million on Cauldron V4 on 4 October 2025. Each of the first two coincided with MIM depegging from the dollar.
Within the DeFi Intel graph, Magic Internet Money connects to 20 tracked entities, most strongly to Ethereum, Arbitrum, Base.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 10 of 20 total).
| Relation | Connected entity | Confidence |
|---|---|---|
deployed_on | Ethereum | 95% |
deployed_on | Arbitrum | 95% |
deployed_on | Base | 95% |
deployed_on | Polygon | 95% |
deployed_on | Avalanche | 95% |
deployed_on | BSC | 95% |
deployed_on | Linea | 95% |
deployed_on | Fantom | 95% |
deployed_on | Blast | 95% |
deployed_on | OP Mainnet | 95% |
Frequently asked questions
What is Magic Internet Money?
Magic Internet Money is a stablecoin tracked in the DeFi Intel knowledge graph. It is connected to 20 other tracked entities, most strongly to Ethereum, Arbitrum, Base.
What type of entity is Magic Internet Money?
Magic Internet Money is classified as a stablecoin (token) in the DeFi Intel knowledge graph.
What is Magic Internet Money connected to?
In the DeFi Intel knowledge graph, Magic Internet Money is linked to 20 other tracked entities, most strongly to Ethereum, Arbitrum, Base.
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