Bridge Mutual Whitelists Abracadabra to Offer Additional Protection for its Users
We are happy to whitelist Abracadabra Money, a DeFi lending platform, as a coverage pool on Bridge Mutual platform. This will validate Abracadabra users to protect themselves from common DeFi threats such as smart contract vulnerabilities, hacks, and exploits. Additionally, users can also provide coverage for Abracadabra in exchange for yield.
What is Abracadabra Money?
Abracadabra is a lending DeFi 2.0 platform that uses ibTKNS or interest-bearing tokens such as ETH and USDT deposited in Yearn Finance’s pools as collateral to borrow its MIM (Magic Internet Money), a dollar pegged stablecoin.
By providing isolated lending markets, users may adjust their collateral ratio more freely compared to using a traditional single cross-collateral pool, which in return enables users to provide crypto assets in exchange for high interests.
What is the $SPELL token?
Abracadabra’s $SPELL token is its native token that offers incentives and enables users to deposit liquidity into the platform for generous yield.
Three important roles of the $SPELL token:
- Using SPELL to as a governance token on the Abracadabra platform
- Staking SPELL to collect Abracadabra platform fees
- Using SPELL to reward liquidity providers
By bringing in projects like Abracadabra, Bridge opens up new opportunities for users to protect themselves against inevitable DeFi crimes that have gained momentum in the past couple of years.
The Bridge Mutual team would like to take this opportunity to invite and welcome new users. It’s within our best interest to provide you with decentralized coverage for your most valuable investments. Make sure you never miss an update by joining our Discord, Telegram, and Twitter.
Abracadabra.Money is a lending protocol that allows users to deposit interest-bearing assets as collateral to borrow a stablecoin called Magic Internet Money that can be used across multiple blockchains.
About Bridge Mutual
Bridge Mutual, a decentralized coverage platform, is on a mission to become the #1 crypto-armorer of Decentralized Finance and equip everyone with protection against universal crypto threats. We are a fully decentralized, p2p/p2b discretionary risk coverage platform covering smart contracts, stablecoins, centralized exchanges. Our platform allows users to provide coverage, decide on policy payouts, share profit, and get compensated for adjudicating claims. Users can get protection and provide one in exchange for yield. We focus on great product design, pro-community business objectives, and synergy with other web3 innovations.