Try Quests to earn cryptoMIM + Its Peg
MIM is a USD stablecoin minted by the Abracadabra.money decentralized platform. Abracadabra uses interest-bearing tokens as collateral to mint MIM. Interest-bearing tokens that can currently be used as collateral include liquidity provider (LP) tokens from Convex, Curve, Yearn, among others. MIM is an ERC-20 token that is soft-pegged to USD, meaning the exchange rate is mostly determined by market forces. MIM remains pegged via arbitrage incentives within the Abracadabra ecosystem. When MIM is trading below USD1.00, arbitrageurs are incentivized to buy MIM at a discounted price, and potentially pay off some of their debt at a cheaper price than if MIM were USD1.00. If MIM is trading above USD1.00, arbitrageurs are incentivized to borrow more MIM and sell it at a premium.