I’ve been saying for weeks that DeFi season is on it’s way back to the forefront. We’ve seen proof of that with L1 pumps we’ve been seeing with projects like Avalanche, Fantom, Cosmos, Terra, etc. Today we aren’t going to focus on any L1s. There’s something brewing in crypto land, and today we’re going to get to the bottom of it. What if I told you that efficient cross chain lending and borrowing may actually be possible?
That’s right. We’re getting closer to achieving a full fledged, robust DeFi economy. So, have I peaked your interest yet? If so, strap in and get ready to take a ride down the magical rabbit hole of Abracadabra, to grab a Popsicle, while on our way to Wonderland.
What Is Abracadabra?
Abracadabra describes itself as a spell book that allows users to produce Magic Internet Money aka $MIM. Abracadabra is the platform that allows users to borrow the stablecoin MIM. In addition to borrowing, users can also farm, stake, provide liquidity to the MIM-3Pool, and perform swaps. Now, the cool thing about providing liquidity and performing swaps is that it all takes place through Curve Finance. Let’s talk about farming and staking. Abracadabra allows users to stake their LP tokens to farm a token called SPELL.
The SPELL token will act as the governance token that will allow holders to vote on future incentivization programs for LP pairs once the governance portal goes live. Abracadabra is developing relationships with multiple platforms. Earlier this week Arbitrum’s $NYAN LP ended, and there was no clear direction of where the TVL would be transferred to. That’s when Bridged Daniele – from MIM and Popsicle – decided to step in and deliver a solution. Daniele and his team are creating true magic on the blockchain…..but wait! There’s more……
Watch the full video for my coverage on Popsicle and Wonderland……
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DISCLAIMER: This is not financial advice! This is an entertainment and opinion-based show. I am not a financial adviser. Please only invest what you can afford to lose, and we encourage you to do your own research before investing. DYOR
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