Partners: Launch Abracadabra Money on Harmony

Name of Project

Bringing Abracadabra Money into Harmony

Proposal overview

Harmony is proposing to bringing Abracadabra Money’s Magic Internet Money (MIM) to deploy MIM stablecoin on the Harmony blockchain, opening a path to DeFi 2.0 for the ONE token. This will expand stablecoin swap capabilities to Harmony’s community of users and provide incentives to bootstrap the launch of Abracadabra’s MIM.

A governance vote on Abracadabra will be required. If the governance vote is in favor of moving forward, the team will then work integrating the ability to launch the MIM token on Harmony, and supporting the bridge built by AnySwap. This will open up the channel to bring in liquidity from all Abracadabra’s supported EVM-compatible chains, which currently has a combined liquidity of $4B+, into Harmony.

When launched, ONE token holders can have another opportunity to borrow against their ONE tokens in return for a highly tradeable MIM stablecoin, while earning leveraged yields and holding on to their ONE tokens. Another opportunity is that Harmony DEX’es can have the exposure to the MIM token and create token pairs such as JEWEL-MIM, VIPER-MIM, ONE-MIM, etc. as additional yield opportunities. This further strengthens the Harmony ecosystem by inherently making the ONE token a more important cross-chain component in DeFi.

Proposal ask

Provide $2 million in ONEs over a 6 month period by allocating up to $1 million in ONE tokens for the first 3 months upon launch, and the rest of the funds 3 months after. Harmony invites the Abracadabra community to support this launch and proposes the Abracadabra community to contribute a matching values in SPELL tokens to boost incentives the launch.

Harmony will provide incentives in ONE tokens to bootstrap initial usage of Abracadabra on Harmony. In addition to token incentives, Harmony will be investing heavily in co-marketing and educating users through tutorials, videos, and community-led support.

About Abracadabra Money is a spell book that allow users to produce Magic Internet Money (or MIM). You, the Spellcaster, can provide collateral in the form of various interest bearing crypto assets such as yvYFI, yvUSDT, yvUSDC, xSUSHI and more. With this, you can borrow magic internet money (MIM) which is a stable coin that you can swap for any other traditional stable coin.



By Chase Devens

One of the fastest growing projects of the last month,, serves as a great example of a project using the model enhancer strategy by creating CDPs from yield-bearing assets. The CDP model was originally introduced by MakerDAO as a way to create a permissionless credit system. Users mint the protocol’s native stablecoin Dai using a variety of overcollateralized vaults. The common knock on Maker is that its CDPs are capital inefficient since its assets remain locked in vaults and do not earn any interest. To improve the efficiency of the CDP model, Abracadabra uses existing yield-bearing assets as the collateral to mint its native stablecoin MIM. Not only does this put a user’s idle assets to work, it provides the borrower with a deeper liquidation backstop. Since collateral in Abracadabra is continually accruing interest and increasing in nominal value, the probability for liquidation decreases as a function of time, but never to zero. Although model enhancers like Abracadabra do not introduce any novel primitives to DeFi, this category of projects has found product-market fit through increased capital efficiency.

Metrics for success

$100M TVL within 6 months

External links

(For Educational purpose only) Video describing High Yield staking

(For Educational purpose only) Video describing after a launch on Fantom


Love the proposal, the named DEX’s might also want to incentivise these :handshake:

Posted on Abracadabra Money’s forum


Abracadabra Money is one of the best DeFi 2.0 products around and is causing a great demand for more decentralized stablecoins, with Abracadabra Money on Harmony, users can leverage their assets to gain additional yield, and support the supply of a decentralized stablecoin, creating a more liquid market of MIM and more users to bridge to Harmony, just like with the incorporation of UST from Terra.

One of the best strategies on Abracadabra Money is the Degenbox strategy, which allows users to use interesting-bearing assets as collateral and with proper risk management achieving the ability to leverage your assets and continue to accrue yield while have a loan position that pays itself. If MIM comes to Harmony, there will be more use of the Harmony bridge and this is what the bridge was made for, what better way to incorporate bridging by adding more useful stablecoins.

We’ve brought UST through integration and to bring more education and adoption, I think an expansion like this is beneficial for Harmony users to get involved. Hoping this gets an eye from investors.

Harmony :blue_heart: Frog Nation :frog:

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Approved to fund up to $2M ONEs over a 6 month period.

Forum on Abracadabra updated and readying as an Abracadabra Improvement Proposal (AIP) and will be posted on their Snapshot soon!


Thank you so much for this, so happy to see this!

This project has been discontinued.

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