With the recent launch of the Nibiru EVM, the ecosystem now requires an efficient stable swap mechanism — and Abracadabra’s MIMSwap is here to fill that role. MIMSwap, Abracadabra’s innovative AMM DEX, is purpose-built for the exchange of tightly pegged assets, enabling users within the Nibiru ecosystem to provide liquidity and earn yield on their stablecoins. To boost rewards even further, users can stake their MagicLP tokens, compounding their earnings on stablecoin assets. In addition to MIMSwap, Abracadabra is introducing two powerful cauldrons on Nibiru: SyrupUSDC and stNIBI, unlocking even more high-yield opportunities for DeFi users seeking sustainable and attractive returns.

What is Nibiru and why is Abracadabra expanding to its ecosystem?

At the forefront of the Nibiru ecosystem are DeFi structured products and real-world asset (RWA) applications, built around layered yield strategies. To power this, the ecosystem needs both a robust leverage protocol to drive demand and a complementary stableswap DEX to supply deep liquidity — and Abracadabra is perfectly positioned to fill this role, thanks to the strength of its yield protocol and MIMSwap.

As user preferences continue to shift toward sustainable returns over inflationary incentives, strategies that use treasuries and private credit as their foundation offer more durable, high-yield opportunities. Deploying MIMSwap alongside Abracadabra’s suite of products is a powerful move to capture liquidity in this emerging RWA market, with the backing of the Nibiru Foundation and ecosystem partners. The focus will center on providing liquidity for MIM and stable pairs (such as MIM/USDC, MIM/SyrupUSDC, and stNIBI/NIBI), prioritizing revenue generation and long-term capital growth. Unlike traditional DeFi yield strategies, which often depend on unsustainable, high-risk inflationary rewards, this approach leans into structured products that deliver real, lower-risk yield — without the pitfalls of low-liquidity pools.

Rather than relying on fleeting incentives, Nibiru will emphasize foundation and partner-driven liquidity, custom-built cauldron structures, and revenue-first strategies for Abracadabra, all aimed at driving sustainable TVL, liquidity depth, and trading volume across both ecosystems.

Abracadabra’s Collaboration with Nibiru

With over $2 million in initial liquidity from the Nibiru Foundation and support from ecosystem partners, the need for Abracadabra to independently source and incentivize additional liquidity will be significantly reduced. By focusing on strategies that deliver sustainable yield — especially through leveraged treasuries and private credit — the deployment on Nibiru is positioned to drive meaningful user growth. Even without incentives, strategy yields approaching ~36% at 5x leverage are expected to attract users organically. The Nibiru team has carefully researched and designed these strategies to ensure a profitable deployment for both Abracadabra and MIMSwap, with a focus on long-term TVL growth and profitable cauldrons that will benefit $SPELL holders.

In tandem with the deployment of MIMSwap, the Abracadabra DAO will launch two exciting native liquidity pools: the SyrupUSDC cauldron, offering up to ~36% yield and providing Nibiru users with a reliable yield opportunity, and the stNIBI cauldron, designed to complement the Nibiru ecosystem by becoming the first platform for leveraged stNIBI positions — tapping into a large, untapped user base with yields exceeding 80%.

Cauldrons

Initially, The Abracadabra DAO will vote upon launching the following cauldrons on Nibiru (with more exciting opportunities to come!):

SyrupUSDC:

The SyrupUSDC Cauldron offers a current base yield of 12%, with an interest rate of 6% and a liquidation fee of 7.5%. By utilizing leverage, users can significantly boost their returns, with yields reaching approximately 24.5% at 2.5x leverage and up to 43% at 5.0x leverage — and when incentives are factored in, these rates can climb as high as 47.3% and 88.5%, respectively. During the initial test phase, the initially proposed cauldron top up will be 5,000,000 MIM, generating an estimated $300,000 in revenue alongside a $500,000 contribution from the Nibiru Treasury. Looking ahead, the target scale aims for a deployment of 10,000,000 MIM, which could drive around $600,000 in revenue, supported by a $1,000,000 deployment from the Nibiru Treasury. This structure sets the stage for sustainable, capital-efficient growth within the Nibiru ecosystem.

stNIBI: (Staked $NIBI token)

The stNIBI Cauldron will be  designed to complement the Nibiru ecosystem by offering attractive leveraged yield opportunities on staked $NIBI tokens. With a current yield of 35.9%, a proposed interest rate of 10%, and a liquidation fee of 7.5%, it presents a compelling option for users seeking high returns. Leveraged strategies can amplify these yields even further, capitalizing on a large, untapped user base and ecosystem demand. As the first venue for leveraged stNIBI positions, this cauldron is poised to deliver yields exceeding 80%, making it one of the most lucrative stable yield strategies available in DeFi. This powerful yield potential, paired with Nibiru’s emphasis on sustainable liquidity and long-term capital efficiency, positions the stNIBI Cauldron as a cornerstone of Abracadabra’s deployment on Nibiru.

Both of these cauldrons will have proposals posted to be voted upon following the initial launch of MIMswap and the opening of MIM beaming.

Conclusion

The launch of MIMSwap on Nibiru marks a pivotal step toward building a sustainable and thriving DeFi ecosystem. By combining Abracadabra’s innovative stable swap technology with Nibiru’s focus on real-world asset strategies and sustainable yield generation, users gain access to deep liquidity, low-slippage trading, and powerful leveraged yield opportunities. With strong initial liquidity support from the Nibiru Foundation and high-yield cauldrons like SyrupUSDC and stNIBI, the groundwork is set for long-term capital efficiency and growth.

As MIMSwap becomes the go-to destination for stable pair swaps on Nibiru, users and liquidity providers alike can look forward to competitive returns without the reliance on short-term incentives. This is just the beginning — as the ecosystem matures, expect to see more innovative products, expanded liquidity pools, and greater opportunities for sustainable yield.

The future of DeFi on Nibiru is bright, and with Abracadabra at its core, we’re unlocking a new era of capital-efficient, high-yield opportunities. Get ready to stake, swap, and grow!

1. Hexagate

Abracadabra integrated Hexagate for automated incident response, configuring it to halt borrowing in cauldrons across supported chains when detecting high or critical issues in monitored contracts. This was achieved through a single permissioned call to the Cauldron Owner contract. The monitors were systematically set up for all cauldron deployments listed in the abracadabra-money-contracts GitHub repository as of 07/02.

Hexagate runs a proprietary ML process to classify transactions and suspicious contracts targeting monitored contracts.Hexagate did detect the incident on the DegenBox vault contract which held the ERC20 tokens exploited during the attack. Unfortunately, no monitor had been set on the vault contract but on the affected cauldrons.In hindsight, DegenBox should have been included in the monitoring set of contracts as it would have raised an alarm due to the attacker withdrawing the funds from the contract and thus triggering an automated response that could have prevented the hack.The effectiveness of our usage of the Hexagate platform would have been increased for every contract added to the platform, with the best state being different monitors configured for the different components of the Abracadabra DAO ecosystem. This stems from a lack of understanding of the intricacies of the platform.

2. Audit Status

The affected GMXCauldronV2 contract was reviewed by Guardian, as documented in their audit report dated November 14, 2023 (audit PDF). Abracadabra DAO selected Guardian as its primary audit partner due to their deep expertise with GMX, having previously audited GMX V2 and its associated contracts. An update to the OrderAgent implementation to support compatibility with GMX V2.1 was also reviewed by Guardian on November 28, 2024, with corresponding test updates completed concurrently (see PR #233).

Background information:

Affected Cauldron Addresses

• gmETH - 0x2b02bBeAb8eCAb792d3F4DDA7a76f63Aa21934FA

• gmBTC - 0xD7659D913430945600dfe875434B6d80646d552A

• gmSOL - 0x7962ACFcfc2ccEBC810045391D60040F635404fb

• gmBTC/BTC - 0x9fF8b4C842e4a95dAB5089781427c836DAE94831

• gmETH/ETH - 0x625Fe79547828b1B54467E5Ed822a9A8a074bD61

Attacker Wallets

1: 0xe9A4034E89608Df1731835A3Fd997fd3a82F2f39 (mainnet+arbitrum)

2: 0xa47359F87509D783EBB3daA0b75F24ED07888306 (arbitrum)

3: 0x08606858ee5941af37e46f47012689cf83052b56 (arbitrum)

4: 0x4Ade855c2240099c20e361796c8f697d1Bdb6938 (arbitrum)

5: 0x51c9d0264d829a4F6d525dF2357Cd20Ea79b5049 (arbitrum)

6: 0xAF9e33Aa03CAaa613c3Ba4221f7EA3eE2AC38649 (mainnet+arbitrum, laundering wallet)

Timeline

Mar 25th, 6 am UTC

Preparation Phase

• Wallet 1 gets funded through Tornado Cash 1 ETH

  • Transaction 1

• Wallet 6 gets funded through Tornado Cash 10 ETH (10 x 1ETH)

  • Transaction 1

  • Transaction 2

  • Transaction 3

  • Transaction 4

  • Transaction 5

  • Transaction 6

  • Transaction 7

  • Transaction 8

  • Transaction 9

  • Transaction 10

• uses Stargate to bridge ETH to Arbitrum

  • Wallet 1

    • Transaction 1

    • Transaction 2

  • Wallet 6

    • Transaction 1

    • Transaction 2

• Wallet 1 Acquires 3.31700399 gmETH/ETH Token thru GMX

  • Transaction 1

  • Transaction 2

• Wallet 1 interacts with gmETH/ETH Cauldron (used to set approval on the master contract only)

  • Transaction 1

• Wallet 1 distributes 0.5 gmETH/ETH to Attacker Wallets 2,3,4,5

  • Transaction 1

  • Transaction 2

  • Transaction 3

  • Transaction 4

• Wallet 1 transfers 0.1 ETH to each of the attacker wallets 2,3,4,5

  • Transaction 1

  • Transaction 2

  • Transaction 3

  • Transaction 4

• Wallet 2,3,4,5 approve master contract and deposit 0.5 with gmETH/ETH Cauldron (used to set approval on the master contract only)

  • Transaction 1

  • Transaction 2

  • Transaction 3

  • Transaction 4

Attack Phase

• Wallet 1 creates Exploit Contract 0xf29120acd274a0c60a181a37b1ae9119fe0f1c9c

  • Transaction 1

• Wallet 6 sends 9.93 ETH to exploit contract

  • Transaction 2

Cauldron Attacks In Order

Cauldron Attacks

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http://docs.google.com

Laundering

Following the exploit, the attacker utilized EOA 0xaf9e33aa03caaa613c3ba4221f7ea3ee2ac38649 to bridge ETH via Stargate, subsequently laundering the funds through Tornado Cash on Ethereum mainnet.

Notification through ZeroShadow

The AbracadabraDAO team was made aware of the incident by ZeroShadow at 9.31 am UTC, at a point in time when the attacker was concluding his attack.

Immediate Mitigation Measures

The attack was neutralized through immediate protocol adjustments:

• Borrow Pause: Borrowing was disabled across all GM cauldrons, preventing further liquidations or undercollateralized MIM issuance.

• OrderAgent Nullification: The orderAgent address was set to 0x0000000000000000000000000000000000000000, halting new deposit creation.

Orders Funds Rescued

In the aftermath of the exploit, Abracadabra undertook efforts to recover funds trapped within multiple GmxV2CauldronRouterOrder contracts. These efforts successfully reclaimed approximately $260,000 USD in assets that remained vulnerable to theft by the attacker post-exploit.

Attack Coordination and Impact

The attack was a multi-vector assault targeting five distinct GM cauldrons within the Abracadabra ecosystem. It unfolded across 56 transactions, systematically exploiting each cauldron multiple times. The attack methodology relied on a two-phase transaction structure: an initial setup transaction to establish exploitable conditions, followed by an execution transaction to mint undercollateralized MIM.

The campaign commenced on March 25, 2025, at 07:57:52 AM UTC with the first setup transaction. The inaugural exploit transaction followed swiftly at 07:58:06 AM UTC, minting $44,390 of undercollateralized MIM. The attacker sustained this effort over approximately one hour and forty minutes, with exploit transactions continuing until 09:37:36 AM UTC. The assault was halted when the borrow limit across all GM cauldrons was reduced to zero at 09:46:22 AM UTC.

The total amount of undercollateralized MIM borrowed is roughly 13.4 Million, no user collateral is affected.

Attack Flow Analysis

The Abracadabra GMX V2 cauldrons integrate with GMX to facilitate collateral deposits via a two-step process. Each deposit initiates an action request to GMX, managed by a dedicated GmxV2CauldronRouterOrder contract instantiated to track the deposit’s lifecycle.

• Successful Deposit: Upon completion, the GmxV2CauldronRouterOrder contract receives GM LP tokens, credits them to the cauldron via the DegenBox, and updates the user’s collateral balance in the GmxV2CauldronV4 contract.

• Failed Deposit: If the deposit fails, GMX returns the input tokens to the GmxV2CauldronRouterOrder contract. The collateral value is then reported as orderValueInCollateral, calculated as the lesser of the market token’s minOutputAmount or the inputAmount of input tokens.

Root Cause

The exploit originated from an issue in the GmxV2CauldronV4 contract’s collateral accounting mechanism, specifically within its custom liquidate function. When a position is liquidated and its DegenBox collateral shares are insufficient to cover outstanding debts, the function draws additional collateral from the GmxV2CauldronRouterOrder contract (via the OrderAgent) to settle the debt.

However the order is not tracked as being closed for the user in the Cauldron and the reported orderValueInCollateral is not updated.

This discrepancy allowed the attacker to borrow against “phantom collateral”, a reported value that no longer existed, resulting in undercollateralized loans.

Exploit Methodology

The attacker exploited this vulnerability in two distinct phases, utilizing the cook action, a feature enabling the composition of multiple operations within a single transaction, incorporating flash loan logic for borrowing, with solvency checks deferred until all actions are complete. In both phases, every call action (Action 30) within the cook transactions invoked an attacker-controlled exploit contract at 0xf29120acd274a0c60a181a37b1ae9119fe0f1c9c, orchestrating the operation.

Phase 1: Setup

This attack is only possible in the case where the deposit to GMX fails and input tokens are returned to the GmxV2CauldronRouterOrder contract. The attacker achieved this by assigning a minimum GM token output amount that was unachievable based on the input token amount, GMX then reverts the deposit and returns the input tokens,

The deposit request to GMX was created through the cauldron cook action along with a borrow to seed the initial deposit in the first step of the attack.

An example transaction for this first step can be seen here.

Phase 2: Exploit Execution

For the second step, this exploit transaction is a companion to the first transaction referenced above.

The subsequent cook transaction executed the exploit through a precise sequence of actions:

1. Borrow (Action 5): The GmxV2CauldronRouterOrder contract must have enough collateral to cover the outstanding debts during a liquidation, and to achieve a complete liquidation the attacker will borrow an amount that could be greater than the value of collateral that is available in the GmxV2CauldronRouterOrder. Therefore to ensure the liquidation is able to succeed, the actor provides additional tokens to be able to withdraw from the GmxV2CauldronRouterOrder contract during liquidation. This first borrow is used to fund these additional tokens.

2. Call (Action 30): The attacker makes an external call to their own deployed attack contract to invoke the get_before_liquidate_amount function. This function computes the amount that the attacker will borrow to not only become liquidatable but also retrieve as much input tokens from the GmxV2CauldronRouterOrder during the liquidation as possible. As mentioned in the previous step, the attacker will specify an amount even greater than the amount coverable and so, in this step, a portion of the borrowed funds, 3640 USDC in our example transaction, from the first step are withdrawn, swapped, and sent to the GmxV2CauldronRouterOrder contract to ensure that the liquidation can pass.

3. Borrow (Action 5): Executed the calculated borrow, driving the position’s loan-to-value (LTV) ratio beyond the 75% threshold for the GM Sol-USDC cauldron. For example, at address 0x2ca694563cf89dd1e0e712f5ac0fa791e6865a02, the orderValueInCollateral reported 15,074 GM Sol-USDC tokens (valued at ~$60,000, with a $4 token price). Prior borrowing included 42,000 MIM from the setup phase, followed by 10,000 MIM and 7,880 MIM in this phase, triggering liquidation eligibility.

4. Liquidate (Action 31): Executed the liquidation of the position, the liquidation removes the backing USDC collateral from the GmxV2CauldronRouterOrder contract and sends it to the attacker. The attacker then uses this value to pay down the position’s debt to carry out the liquidation. The exploit has not been realized yet, but the root cause has occurred. The GmxV2CauldronRouterOrder is still credited to the user and still reports an orderValueInCollateral of 15,074 GM Sol-USDC tokens, meanwhile the collateral in the GmxV2CauldronRouterOrder contract has been removed

5. Call (Action 30): The order should have been removed from the user’s collateral tracking at this point, however since it is still credited to the user the attacker can borrow against it. The fifth action in the cook transaction is an external call to the attacker’s contract to determine the maximum amount that they can borrow against the phantom collateral.

6. Borrow (Action 5): With the returned value from the get_after_liquidate_amount function the attacker borrows the maximum amount that they can.

7. Call (Action 30): With these unbacked borrowed funds the attacker performs a final step to make an external call to their external contract to withdraw and swap all of the borrowed MIM through MIMSwap to realize the exploit.

Tracing of the funds

Chainalysis, ZeroShadow and members of Seal 911 are tracking the hacked funds, and tracing back the attackers steps.

Because of the way the attack was uniquely executed, a strong lead has been identified.

We are awaiting to communicate with the hacker on-chain, as well as through reward@abracadabra.money.

On-chain messages have been sent to the addresses holding the stolen funds:

Ethereum Transaction Hash: 0x2437e1421d... | Etherscan

IDM: Hello we are addressing the recent secur... | Success | Mar-25-2025 09:42:35 PM (UTC)

https://etherscan.io

Ethereum Transaction Hash: 0x0a3fd0a739... | Etherscan

IDM: Hello we are addressing the recent secur... | Success | Mar-25-2025 09:41:47 PM (UTC)

https://etherscan.io

Ethereum Transaction Hash: 0xca63e433c5... | Etherscan

IDM: Hello we are addressing the recent secur... | Success | Mar-25-2025 09:43:35 PM (UTC)

https://etherscan.io

We are happy to say that points distributions will now restart regularly, thanks to the full update that our infrastructure just received! Let's dive into it!

Founder Boost Countdown

For the next 8 days, users may lock their MIM/USDB LP position and join the other founders to also tap into the 20% boost. Once these 8 days pass, your opportunity to get the Founder’s bonus is gone, and you will never be able to achieve it again.

The first Founder’s Boost distribution will happen as soon as Phase 3 finishes in 8 days.

Once the countdown finishes, no more Founder’s can join and the distributions start.Note: After Phase 3 ends, Founders will not be able to add more LP to their founder’s amount. As a Founder, you will still be able to add more LPs, but those will not enjoy the boosted rewards of your initial deposit. This system is designed to be difficult to Game, and only allow those who are locked at the end of Phase 3 to enjoy the Founder’s Boost!

Point Distribution Details:

Our UI has a page, dedicated to all points that users can earn with us, in the Blast ecosystem.

Points Dashboard

Currently it has three sections:

• Cauldron Users

• Liquidity Providers

• Founder Boost

Depending on what actions you take in our ecosystem you can check the rate of Points, Gold and Potions, distributed towards them.

If you provide MIM/USDB Liquidity on MIMSwap and stake it, you will see the amount of rewards earned and to be distributed as well as the total amount of points to be distributed to the whole pool.

You can switch between the different rewards earned for each of the sections, by clicking on the three tabs within the bubble. Each tab will be specific for that reward system, and it will show users how many Blast Points, Gold points, and Potion points they have farmed, how much the total amount of points for that pool is, and how much their upcoming distribution will look like.

Rewards Schedule:

-99,593 Blast Gold

-90,000,000 Points

Founder Distributions: 20% of all rewards

-38,620,000 Blast Points

Currently 20% of all points accrued by the protocol are allocated to the Founder’s Boost. To date, the protocol has amassed 192,000,000 Points of which 38,620,000 have been earmarked for the Founder’s boost. Points are continuously increasing and will be distributed once all Founders are locked in, at the end of Phase 3 (8 days).

You can expect one large airdrop distribution of Points once Phase 3 concludes, afterwards Points will be distributed at an hourly interval.

-19,918.60 Blast Gold

20% of the total Gold obtained by the protocol will be distributed to the Founder Boost. So far the protocol received 19,355 Gold from the Big Bang Competition and 80,238 Gold from the first Gold distribution. Once Phase 3 concludes, a total of 19,918.60 Gold Points are earmarked to be distributed towards the Founder’s Boost. This will be the first of many airdrops dedicated to the Founder’s Boost. As the protocol obtains more Gold, the distributions will continue to occur.

Founder’s rate:

Once Phase 3 concludes this rate will showcase the hourly rate that flows towards the Founder’s Boost. In the beginning, there will be multiple one-time Gold airdrops until all distributions are in sync.

Gold Airdrop for loyal Early Birds:
Lastly, we would like to show a token of appreciation for all of the users that have been consistently staking their funds during the entirety of the LLE and then opted in the founder’s bonus.

If your address has joined the LLE before the start of phase 2, then migrated their funds to MIMswap, and locked the received LPs for 3 months, you will be getting your share of an additional 1k GOLD aimed at rewarding your longlasting trust!

This additional GOLD will be distributed after phase 3 has ended.

Liquidity Provider Distributions: 80% of current Gold & Points Batch

-51,460,000 Blast Points

103.1M Points have already been distributed within our ecosystem, leaving approximately 51.46M Points. These points will keep flowing towards users of the Abracadabra ecosystem, incentivizing actions that are beneficial for Abracadabra and MIMswap LPers and Cauldrons users alike will keep receiving points, at preferential rates depending on the actions they have taken

This process might change as time goes on, and Abracadabra products evolve more around the Blast Ecosystem..

-78,877.656 Blast Gold

For the current batch of Gold, roughly 80% of the total Gold amount will be distributed towards MIM/USDB Liquidity Providers. The distributions will happen on an hourly basis.

User’s who have obtained the Founder’s Boost will also receive these Liquidity Provider Distributions. This means that as a Founder, you are getting the Base gold rewards you would be getting as a normal LPer, and then on top of it, you are also getting your founder’s boost. These different layers of rewards are designed to incentivize to the maximum possible extent users who lock their LPs and become founders.

Future GOLD Distributions

Updates and news come quickly to the Blast ecosystem, and as such, our DAO is doing its best to keep up with them. Despite this, a lot of uncertainty revolves around the schedule at which future GOLD airdrops will be given to Abracadabra DAO from the Blast team, and therefore how Abracadabra will distribute those GOLD to the end-user.

One thing is certain though: GOLD will be the pivotal engine that will fuel and incentivize users that take part in our ecosystem. GOLD will be fully distributed to the active users of Abracadabra Products.

We are very excited to see how Gold distributions will help shape the future of Abracadabra on Blast. All of our systems are designed to be fully compatible with the upcoming Blast token launch.

Potion Points

Lastly, our team is working hard to prepare for the arrival of Potion Points, Abracadabra’s own point incentives system.

Potion Points distribution will also be designed to make sure that LPers and users are correctly incentivized, as well as to properly reward Founders for their leap of faith towards the DAO.

Potion Points will ultimately turn into SPELL airdrops, allowing Blast to become the first ecosystem to enjoy the novel SPELL bridging solution powered by Layer Zero technology.

More information on Potion Points is coming soon, and we thank our community for the patience they have while we finalize the whole system.

The Founder's Boost

The Final Countdown to Founder's Status

The Founder's Boost is not just a reward; it's a gateway to a spectrum of bonuses within our ecosystem. For those who have journeyed with us through the Liquidity Launch Event (LLE) and are ready to lock their MagicLP for a steadfast period of 3 months, this status becomes a perpetual badge of honor — as immutable as your support, as long as your liquidity remains within our system.

A Bounty of Benefits Awaits

Securing the Founder's Boost aligns its users to the growth of the protocol. The window to claim your Founder’s Boost is 14 days following the initiation of Phase 3 and the launch of MIMSwap.

Within these two weeks, participants are invited to lock their LP for 3 months and obtain the Founder’s Boost.

Here’s a glimpse of what awaits:

1. Initial Blast Airdrop: Post-claim period, 20% of all Blast Points accumulated by the protocol to date, will be airdropped exclusively to the holders of the Founder’s Boost.

2. USDB Yield Enhancement: The yield harvested from USDB will funnel directly towards the Founder’s Boost holders.

Moreover, all Founders will receive the pro rata share of the yield produced by their USDB inside the MagicLP token.

1. Gold Points: With the impending release of Gold by the Blast team, a generous 20% of all Gold points from the protocol will be allocated solely to the Founder’s Boost holders.

2. Potion Points: As Potion points, Abracadabra’s first in house point system designed specifically for the Blast Ecosystem, gear up for their debut with MIMSwap, a significant portion will be allocated to Founder’s Boost holders, setting the stage for the largest SPELL airdrop to date.

A Call to Action: Seize Your Founder Status

The unveiling of Phase 3 today is a call to all our participants — a final chance to align yourself with the protocol’s vision and tap into the growth of the ecosystem. The Founder's Boost is not just a status; it’s a partnership. As the ecosystem flourishes in TVL, user engagement, and volume, so will the benefits reaped by the Founder’s Boost holders.

MIMswap is now live!

With today’s release, all of MIMswap contracts are now live on Blast Mainnet, and can be found on our documentation.

Liquidity Provision functionalities are now live on the Abracadabra Fronted, together with the onboarding flow, which will allow users to migrate their newly generated LP tokens from the LLE contracts, into MIMswap staking contracts. Staking and locking to achieve the Founder’s Bonus functionalities are also already available.

Our frontend is being updated over the weekend to finalise the launch of MIMswap, and the Swap functionalities will be available shortly.

This moment marks the launch of Abracadabra’s first AMM infrastructure. Thank you for everyone who has been part of this journey, we are super excited for what the future holds.

Your Path to Foundership

The window to engrave your name among the founders is narrowing. To embark on this journey, deposit USDB/MIM LP during phase 3 and lock your deposits once MIMSwap launches later today.

This status is a commitment to growth, to innovation, and to the shared vision of a thriving ecosystem.

Welcome to the ranks of the Founders

Phase 2: Overview

LLE Phase 2 is the final step before MIMswap goes live, and it entails a series of exciting news and bonuses for its participants!

First of all, we are extremely proud to announce that the two audits done by Guardian Audits and CodeArena are finalized for the MIMswap contracts, which are now in the process of being deployed successfully. At Abracadabra, security is our top priority. We're actively addressing potential findings to ensure the launch code of our AMM is as safe and fast as possible. We appreciate our community's patience as we complete these final security checks before the official launch.

Secondly, in Phase 2, we're introducing more frequent points distribution. Blast Points will now be distributed to LLE participants every 12 hours in a scheduled and programmed manner, making rewards more abundant and easier to track. Our front end now displays a convenient countdown until the next point distribution, so users stay in the know. During the entirety of phase 2, All Phase 1 boosts will still be available, prioritizing locked deposits.

This marks the last step before real-time point distribution, the next milestone on our Blast Roadmap.

Thirdly, our developers are tirelessly preparing for the arrival of Gold and Potion points. Gold points will be distributed by the Blast Team, while the system creating Potion Points undergoes testing and finalization. Our target is to release both point boosts simultaneously. Potion Points will lead to SPELL airdrops and distributions natively on Blast, offering additional rewards for participants of both Abracadabra and MIMswap ecosystems.

Phase 2 is also the final opportunity for users to deposit their funds inside the LLE contracts and qualify for the Founder’s Boost, a perpetual LP rewards boost designed to reward Abracadabra’s most committed users.

Lastly, our front end team is diligently ensuring that the User Interface is ready for the imminent deployment of the MIMswap infrastructure, along with the bonuses and rewards for users participating in the initial launch. Please bear with us as we finalize these steps, as the launch of MIMswap is imminent!

Let’s now dive into the migration process and what the imminent Phase 3 will mean for LLE participants.

Contracts

To begin, let's familiarize ourselves with the three key components involved in Phase 3:

1. Liquidity Launch Event (LLE) contract: The repository where USDB and MIM have been accumulated, accruing points up to now.

2. MIMSwap Pool: The active MIMswap pool where users deposit stablecoins and receive LP tokens.

3. MIMSwap Staking contract: A staking platform enabling users to stake LP tokens and earn rewards such as Blast Points and Potion Points.

Now that the final audits have been completed and the MIMswap contracts are in the process of being deployed, at the start of Phase 3 all deposits in the LLE contracts will be migrated to MIMswap. Once migration starts, LLE participants will now hold MagicLP (MLP) tokens, which represent their share of the MIM/USDB pool.

If you haven't already, there is still time for you to join Phase 2 and therefore actively receive the rewards planned for Phase 3!

Phase 3: Migration and Launch

Lastly, let's see what Phase 3 entails and how MIMswap will actually be launched into production.

At the start of phase 3, users have two potential routes to take, contingent upon whether their stablecoins are locked within the LLE Phase 1 and 2 or not:

• If your stables were unlocked, you can now freely withdraw tokens from the LLE user interface and deposit them into the MIMSwap Pool. Upon depositing, you will receive MLP tokens that can then be staked in our Staking Contract to receive boosted rewards. Our user interface will seamlessly guide users through each step of this process, ensuring a smooth transition.

• If your stables were locked, your tokens have been used to seed the initial MIM/USDB pool. You can now claim your LP and automatically stake them in the Staking Contract for boosted rewards. Users will then face a decision:

The first option is to lock their LP for an additional 3 months, thereby attaining the Founder Boost and maximizing rewards on Abracadabra. The Founder’s Boost is the highest reward system available in the Abracadabra ecosystem, which will result in Boosted Point rewards, Gold points airdrops as well as Potion Points distributions. The boost is permanent, and can only be lost if the LPs are withdrawn.

The second option is to choose not to lock LP, but instead simply stake them for the standard 1x multiplier. It's important to note that this decision is irreversible; if LP tokens remain unlocked, the Founder Bonus is permanently forfeited.

The third and final option is to withdraw your LP and convert it back into the underlying stables. Users will burn their MagicLP tokens, and receive back their share of the pool in MIM and USDB tokens, according to the at-the-time ratio of the pool, but forfeit all of the future Blast, Gold and Potion points boosted distributions.

As more components of the MIMswap ecosystem are rolled out, our frontend will seamlessly guide users through subsequent phases, unlocking additional point rewards and benefits.

More information on the exact timelines of these releases are coming soon, so stay tuned for these following our Twitter and Discord!

The Founder Boost.

This unique incentive is designed to commemorate and reward the loyalty of users who have been instrumental in bootstrapping MIMSwap through the LLE, underlining our commitment to recognising their pivotal role in our ecosystem.

Understanding the Founder Boost

The Founder Boost is not just an additional perk; it’s a substantial reward mechanism that is directly tied to Abracadabra's performance on Blast. As Abracadabra captures more TVL and unlocks additional Blast Points and Gold, the value of the Founder Boost increases, further rewarding your loyalty.

Here’s what sets the Founder Boost apart:

• Exclusivity: Available only to users who joined the LLE and choose to lock their magicLP for 3 months after MIMSwap goes live.

• Permanence: Once obtained, the Founder Boost continues indefinitely, as long as your LP remains in MIMSwap - even after it becomes unlocked.

• Reward Distribution: Founder Boost holders receive 20% of all points and Gold earned by Abracadabra. This includes earnings from all Abracadabra infrastructure on Blast such as cauldrons, MIMSwap and autocompounders.

The Significance of the Founder Boost

By participating in the LLE and opting to lock your LP for its maximum duration during the migration, you tap into the full success of our ecosystem. This decision aligns with Abracadabra’s philosophy that our community should be rewarded, especially those who are invested in helping the protocol innovate and grow.

The Founder Boost is a testament to this belief, offering perpetual benefits that reflect the ongoing success and growth of the platform.

Migration Mechanics with a Focus on the Founder Boost

As we transition from the LLE contracts to the live MIMSwap pool, here are the steps to ensure you maximize your benefits:

For Locked Stablecoins: Securing the Founder Boost through Continued Commitment

If you've demonstrated your commitment to the Liquidity Launch Event (LLE) by locking your MIM or USDB contributions, you're already positioned to transition seamlessly into the next phase of our ecosystem's evolution. Your locked stablecoins are set to form the cornerstone of the initial MIM/USDB pool, a foundational step for MIMSwap.

If you would like to continue on this journey with us, you can extend your lock for an additional 3 months and earn the Founder Boost. Opting for this extended lock period will maximize your reward points to the fullest extent, and embed you deep into the fabric of the Abracadabra ecosystem.

Securing the Founder Boost is a testament to your foresight and dedication. It rewards your early support with a share in the platform's success, offering enhanced yields, points, and potential airdrops. This strategic decision solidifies your standing within our community and aligns you with the growth of the platform. We will not forget.

For Unlocked Stablecoins: Claiming Back Deposits Without Founder Boost Eligibility

If you've participated in the Liquidity Launch Event (LLE) by providing MIM or USDB but choose not to lock your funds, then a critical moment approaches. As the countdown concludes, so does your participation. Without the commitment of locking your assets, you won't be eligible for the Founder Boost—a unique, one-time-only opportunity that rewards early supporters with enhanced benefits.

For users in this category, your journey ends when the clock hits zero. It's essential to understand that the opportunity to secure the Founder Boost and its perpetual advantages will no longer be available to you. You will be able to withdraw all funds that you have deposited during the LLE.

Extending the Liquidity Launch Event: Embracing Community Feedback

In response to the overwhelming interest and requests for more detailed information regarding the Founder Boost, we've taken a significant step to ensure our community has ample opportunity to fully understand and engage with this unique offer.

We are committed to providing our users with the necessary time to process all information related to the Founder Boost and the broader implications of participating in the Liquidity Launch Event (LLE).

To this end, we are thrilled to announce the extension of the LLE for an additional 13 days. This extension is a direct response to our community's voice, designed to ensure that no one feels rushed and that all members have the chance to make a thoughtful decision about their involvement.During this extended period points reward will keep flowing for LLE participants, while we gear up for MIM Swap Launch!

Continued Rewards and a Special Surprise

During the extended period, our rewards for LLE participants will continue to flow generously. However, the extension brings more than just additional time; it comes with a remarkable surprise for those committed to securing the Founder Boost.

Abracadabra has triumphed in the Big Bang Competition, earning us a substantial Blast Gold airdrop. In light of the LLE extension, we've decided to distribute 20% of the Big Bang Gold airdrop exclusively to participants who choose to lock their assets and receive the Founder Boost. This unprecedented move ensures that Founders will benefit directly from the Big Bang Gold Airdrop, further enhancing the value of their commitment and support.

Initiation and Beyond

The initialization phase marks a new era for MIMswap. Contracts are being deployed and the frontend has been updated to guide users through this exciting transition. This phase is not just about a migration but also about ensuring our community understands the value and permanence of the Founder Boost.

As we roll out more components of the MIMswap ecosystem, we remain committed to providing clarity and support to our users, ensuring they can fully leverage the opportunities presented by the Founder Boost and beyond.

Stay tuned for more updates as we continue to enhance our platform and reward our community for their loyalty and support.

The Liquidity Launch Event (LLE) is drawing to a close in just under three days. Participants have already contributed over $6 million in USDB and $3.5 million in MIM, setting the stage for the launch of Abracadabra's innovative stableswap AMM with these contributions being transformed into Magic Liquidity Provider tokens (magic LPs).

Lock & Loaded!

An impressive 95% of all staked assets are set to be locked, granting participants a 20-fold boost in points during the LLE. This has led to the distribution of 25 million points among participants so far, with the vast majority benefiting from the 20x points boost due to their decision to lock their funds. As a token of appreciation for their commitment, participants who lock their funds for the LLE will be granted a Founder Boost when MIMSwap officially launches. We want to continue to reward our most loyal users even after the launch of the platform.

However, it's crucial to note that only those who stake and lock their assets in the LLE can unlock this Founder Boost. With only 2 days and 16 hours left, the opportunity to achieve Founder status on MIMSwap is quickly narrowing.

How to Achieve Founder Status: A Step-by-Step Guide

For MIM Holders:

1. Purchase MIM: Explore major pools on Arbitrum or Ethereum. Arbitrum is recommended for its lower gas fees. Use Curve.Finance to swap stablecoins for MIM, or Camelot to exchange ETH for MIM.

2. Bridge MIM: Utilize the native Beam function for a fast and cost-effective cross-chain transfer with a nominal $1 Beam Fee. Navigate to the Abracadabra Beam page and select the appropriate networks to transfer your MIM to Blast.

3. Stake and Lock MIM: Once your MIM arrives on Blast, visit the LLE page, select the MIM tab, toggle the Lock and Boost Switch, enter your MIM amount, and confirm your stake and lock action.

Ensure you have ETH on Blast for transaction fees, or use the Beam function's Gas on Destination Chain feature.https://x.com/0xWicked/status/1767502910554833220?s=20

For USDB Holders:

Simply stake your USDB directly on the LLE page. Locking your USDB not only multiplies your boost by 20 but also qualifies you for the Founder’s Boost upon MIMSwap's launch. Its the simplest way to participate in the Liquidity Launch Event and receive the Founder’s status for the upcoming stableswap!

The DAO's Appreciation

The DAO expresses profound gratitude for the unwavering support towards the LLE, emphasizing its aim to reward early supporters who are instrumental in bootstrapping MIMSwap with necessary liquidity.

These 'Founders' are promised a perpetual boost to their LP rewards, ensuring they receive the highest possible yields, points, and airdrops as part of the MIMSwap protocol. This Founder's Boost is a one-time offer, exclusively available to LLE participants before the event concludes, underscoring the unique opportunity to benefit from this initiative.

We’re thrilled to announce our expansion onto Blast L2, introducing a suite of innovations that promise to redefine your experience. In addition to Blast developer points, Abracadabra introduces Potion Points, our unique currency that lays the groundwork for an incoming SPELL airdrop upon the token's deployment on Blast.

A Phased Approach to Maximizing Benefits

Our journey on Blast begins with a carefully planned rollout, ensuring every member of the community benefits from the very start:

Phase 1: The initial launch includes our Blast Box, MIM and an ETH based cauldron to borrow against.

Additionally, the Liquidity Launch Event (LLE) kicks off, inviting USDB and MIM holders to deepen their points engagement and prepare for the seamless transition into MIMSwap.

Phase 2: MIMSwap goes live, all TVL acquired by the LLE is migrated, marking the full integration of our suite into the Blast ecosystem.

Phase 3: Redemption of Potion Points. Users will be able to benefit from an airdrop of SPELL.

The perfect Trifecta: Blast, Potion, Gold Points.

Potion Points join forces with Blast Gold and Blast Developer points, creating a robust incentive ecosystem. This trifecta is designed to maximize engagement, reward participation, and drive the success of our launch on Blast. Together, they form a comprehensive rewards system that acknowledges every aspect of user involvement as well as setting the stage for an anticipated SPELL airdrop.

MIMSwap Liquidity Launch Event (LLE)

The MIMSwap Liquidity Launch Event stands as the cornerstone of our journey on Blast, marking the grand unveiling of MIMSwap. This unique opportunity allows users to deposit MIM or USDB, with the option to lock these assets for enhanced point earnings.

Potion Points, alongside Blast Developer and Gold Points, are allocated for both deposited and locked collateral, ensuring that every action within the event is recognized and rewarded.

The Countdown to Innovation

As the event’s countdown ticks to zero, we transition to a pivotal moment in the Abracadabra ecosystem. All collected assets will be transformed into Magic Liquidity Tokens, seamlessly integrated into MIMSwap as liquidity. This conversion is more than a mere transaction; it's the beginning of continuous reward accumulation, with boosted rewards enduring until Blast Points can be exchanged for the new Blast token.A Seamless Transition to MIMSwap

The culmination of the LLE doesn’t signify an end but a new beginning. The assets, now as Magic Liquidity Tokens within MIMSwap, will continue to earn boosted rewards, further enriching the participant's journey. This strategic move not only enhances the liquidity of MIMSwap but also solidifies participant's long term role in the thriving ecosystem of Blast.

Cauldron Launch

Following the introduction of Blast and Potion Points, the initial stage of the Blast launch entails the debut of our first Ethereum-based cauldron. This cauldron provides ETH holders on Blast with the opportunity to deposit their Ethereum into Abracadabra. By doing so, they become eligible to receive various types of points offered in this launch.

Note: Borrowing MIM is not necessary to receive points, but it will give a boost to the received amount.

The ETH cauldron is set to go live on Blastbox, a specialized fork of Degenbox tailored specifically for the Blast ecosystem. Blastbox serves as the foundational infrastructure for our range of products, providing robust support.

The cauldron is already live and can be used here.

Furthermore, we plan to unveil additional cauldrons in response to ecosystem opportunities and potential partnerships, offering new and thrilling avenues for engagement.

Conclusion

Our contracts have officially landed and are now pulsating nativey on Blast Mainnet. Potion Points, together with the Blast native points system are deployed and ready to reward users that are contributing to the Abracadabra Ecosystem.Stay locked in on our electrifying channels - Twitter and Discord - as you won't want to miss a single beat of how these points will be unleashed. The faster you move, the greater the rewards, with lightning-fast actions triggering multipliers and bonuses!

First and foremost, we are proud to announce that following the recent exploit, our immediate actions have effectively mitigated the issue.

The DAO treasury, with its robust $15M in assets, is prepared to fully collateralise the exploited amount.

This decisive step ensures that our protocol operations will continue to run smoothly and safely, maintaining the trust and security our users expect!

Exploit and Mitigation

Yesterday we faced a $6.5M MIM exploit due to a vulnerability in certain older Cauldron V4 codes. Thankfully, this code is not in any of our latest products. We’ve swiftly mitigated the issue by setting borrow limits to zero for affected cauldrons, reinforcing the safety and security of our protocol. Rest assured, user collateral was never at risk.

A comprehensive post mortem is forthcoming.

Engagement with the Attacker

We have reached out to the attacker, offering a chance to rectify the situation and receive a substantial bug bounty. We have the full might of Chainalysis behind us, the largest and most experienced blockchain data and analysis company in the world.

Thanks to our Crypto Incident Response partnership, their team swiftly notified us of the attack and started tracking the funds immediately. Chainalysis is tapping into their extended network of exchanges and partners as well as successfully tracking and freezing the stolen funds.

Chainalysis is also offering support to the DAO to engage with Law Enforcement Agencies.

Despite this progress and in the interest of resolving this as quickly as possible, we are willing to work with the hacker directly and provide a fair bug bounty reward in exchange for the hacked funds. We will wait until Monday 5th of February, 16:00 CET to receive any communication from the hacker and begin negotiations.

After that, we will assume that the hacker is not willing to negotiate and reluctantly start formal criminal proceedings.

You can contact us directly on chain by writing to the address we have used to contact you, or directly at reward@abracadabra.money.

A DAO proposal will soon be posted, to address the situation and create a “Depeg Contingency Fund” to be used in extreme situations like this. More information on this is coming in the upcoming days, we appreciate your patience.

Products

As mentioned above, our full suite of products are ready to be used and move forward at full speed.

The Arbitrum gmCauldrons were completely unaffected by the attack, and their borrow limits have been set to 0 just for extreme precaution. **We are now ready to re-open those markets and allow people to leverage up on their favorite gmTokens.
**
*A proposal to add gmBNB as collateral has been live on our forum for some time now, and can be found here.
*
We are also happy to announce that behind the scenes over the last month, work has already started to create a new suite of products targeted specifically for our Blast and Berachain expansion.

In parallel, discussion has been started with several other L2s and L1s, you will be able to read all about it in their relative Forum Votes. The BD landscape for Abracadabra has never been more alive, fuelled by the successes of our Arbitrum STIP!

Liquidity Providers

We understand the stress that our liquidity providers have experienced over the last 24 hours. We cannot tell you how valuable your support is right now, and we are happy to communicate to you that the protocol is moving ahead at full speed.

STIP and SPELL emissions will not have further changes while we navigate past this situation.

Arbitrum LPers will still be able to enjoy the current rewards deposits per week, despite the reduction in TVL. Right now the MIM2crv pool on Arbitrum is currently paying above 58% APY in ARB rewards, and is ready to accept new USDT and USDC deposits.

70k ARB tokens per week will be distributed during this and the upcoming week, making the APY extremely stable.

Similarly, our MIM-crvUSD emissions will not change in the short term, currently sitting above the 70% mark.

Make sure to educate yourself on how to join the pool here.

Our engineers are running scripts and monitoring the blockchain for all the addresses that have been involved in LPing MIM over the last week, and a DAO proposal will be created to assess the situation and decide how to move forward with them.

$MIM Savings Rate

Additionally, we would like to announce that our initial version of the $MIM Savings Rate contracts are going through audits and were originally planned to launch in the next 10 days.

We will keep you updated on when this new innovative system will go live. We are confident that it will completely revolutionize the way we see $MIM LPing.

One Last Thing…

Lastly, we would like to announce that a product targeted specifically for LPers has been under construction for several weeks now, and is starting to shape up.

There is not much we can share about that, other than the fact that our DAO contributor’s multi-year expertise in managing LPs rewards and LPers is gonna be used at length.You will be able to see the first iteration of this product for our Blast launch, stay tuned!

Depeg Contingency Fund

We are going to be using this situation to enhance our DAO defenses to bad illicit actors.

In the next few days a community proposal will be posted to institute a Depeg Contingency Fund (DCF).

The DCF will be governed by the DAO following AIP proposals, and will be secured by the DAO Multisigners.

The main scope of the DCF is to step in whenever a dire situation arises that creates stress on the peg of MIM, acquiring MIM from the market and using it either to stake it in the MIM savings rate, to increase DAO revenue while taking MIM out of the circulation, or simply to hold it securely.Our Contributors are already working on a proposal to be added to the forum for community feedback, and then voted on by SPELL holders.

The DCF will be more and more involved in our DAO operation, and allow for better MIM and LPing stability.

Conclusion

Lastly, we would like to thank all of the protocols, users and friends that have reached out while we were planning the move forward from this unfortunate event.

Your support meant the world, and we cannot wait to move Abracadabra forward with you all.

The road ahead is bright and clear, and we are looking forward to walking it beside all of you!

This endeavor seamlessly integrates with the LayerZero V2 framework, fostering a more versatile and interconnected crypto ecosystem while further strengthening the alignment between the Omnistablecoin and its crosschain-powered infrastructure.

Introducing DVNs

LayerZero V2 aspires to become the cornerstone of cross chain crypto applications, offering a standardized protocol for development across diverse blockchain networks. This empowerment extends to the ability to choose and integrate various third-party Decentralized Verifier Networks (DVNs), encompassing Layer 2 native bridges, oracles, and third-party bridges. Abracadabra is a vibrant part of the LayerZero Ecosystem, and one of the leading crosschain players in the DeFi landscape for nearly 3 years, we are proud to announce the launch of MIMnet, Abracadabra’s own DVN.

As a DeFi native team and one of the most bridged assets in crypto we have distinct experience in this field and are excited to provide this service to the larger crypto community.

MIMnet is part of an off-chain network of DVNs, that play a crucial role in securing LayerZero V2, in order to achieve consensus and attest to the validity of messages. Any third party project of protocol will be able to use MIMnet as part of their own infrastructure, with full composability and customization.*Abracadabra adds MIMnet to a notable and reliable number of third party DVNs, the complete list can be found here.*

Celebrating LayerZero V2

The launch of LayerZero V2 and MIMnet marks a pivotal moment in the evolution of our Omnistable.

Thanks to LayerZero V2, Abracadabra's crosschain design could be secured by multiple different DVNs, including MIMnet and other ThirdParty DVNs, increasing control and customizability over the Omnistable Security Stack.For instance, Omnistable messages could now undergo verification through a 3 out of 4 setup of DVNs, with MIMnet serving as the critical component for veto. In essence, the validation of the message could require agreement from three distinct DVNs, one of which has to be MIMnet.

Abracadabra is thrilled to be a part of this pivotal upgrade, tha boosts LayerZero Decentralisation and MIM resilience. The whole community is looking forward to what this will evolve into.

More information on the setup securing the Omnistable will be provided further on.

Conclusion

As Abracadabra unveils MIMnet, its community witnesses the dawn of a new era of synergies between LayerZero and the leading Omnistable application. Centered on enhancing interoperability, security, and decentralization, LayerZero V2 and MIMnet takes cross chain operability into new territories, paving the way for a future of limitless possibilities. Amid the big tokenomics revamp being worked upon by the community, we are excited to witness protocols and dApps engaging with MIMnet, and are looking forward to involve MIMnet users in further alignment within the Abracadabra Community.If you are looking to use MIMnet to secure your Stack, reach out to our DAO contributors on Discord and on the forum!More information on LayerZero V2 can be found in the following developer documentation.

In DeFi, collaboration and innovation are not just buzzwords, they are the pillars on which groundbreaking projects are built. Today, we are diving deep into such a collaborative marvel: the partnership between Abracadabra, GMX and its infrastructure provider - Arbitrum.

The Catalyst: Abracadabra’s gmCauldrons

Less than a day post-launch, and the numbers are already telling a story of success. With a significant increase in TVL, Abracadabra’s gmCauldrons have not only met but exceeded their initial Key Performance Indicators (KPIs) from its recently obtained STIP grant.

But these numbers are just the surface. The real narrative is how Abracadabra is emerging as a vital growth hack tool for its partner protocols and infrastructure layers such as Arbitrum, exemplified by our collaboration with GMX.

GMX and Abracadabra: A Synergy of Growth

GMX, known for its robust perp platform, witnessed an impressive launch of its V2. However, the integration of gmToken Cauldrons with Abracadabra marked a turning point. This integration catalyzed an explosive growth in GMX’s metrics.

The Mechanism Behind the Magic

At the core of this success is a simple yet powerful concept: collateral looping through cauldrons. When partners like GMX onboard their tokens as collateral in Abracadabra's cauldrons, it results in a significant boost in their TVL. This not only provides lucrative yield farming opportunities for users but also enhances the liquidity and visibility of the partner protocols. Boosted yields offered through a looped cauldron position attracts new users and highlights certain elements of the protocol. In the case of GMX, it put a spotlight on their liquidity pools.

A Testament to Collaboration

The GMX story is a testament to the power of strategic collaboration. It demonstrates how a well-thought-out partnership can lead to mutual growth and success. With Abracadabra's unique liquidity-boosting mechanisms, protocols that partner with us can expect a substantial uptick in their growth trajectories.

The Role of ArbitrumDAO and the Future

The success of this partnership wouldn’t have been possible without the support of the ArbitrumDAO, which played a crucial role in enabling this through the STIP initiative. The way Abracadabra's cauldrons and their unique looping mechanism work is intrinsically linked to the liquidity depth of their main MIM liquidity pool. By leveraging the rewards from the STIP, Abracadabra was able to scale their liquidity needs effectively. This critical step was fundamental in facilitating the growth surge experienced by GMX. The STIP initiative provided the necessary boost, allowing Abracadabra to enhance its liquidity pool and, by extension, amplify its ability to support and grow partner protocols like GMX.

As we look ahead, the aim is to secure a more long-term reward program that can perpetuate these types of growth surges across various protocols.

The continued collaboration with the ArbitrumDAO is key to this vision. By securing ongoing support and incentives, Abracadabra can extend its innovative mechanism to more projects within the ecosystem, replicating the success story of GMX. This not only bodes well for the growth of individual protocols but also signifies a robust and flourishing future for the entire Arbitrum landscape, underpinned by strategic partnerships and collaborative growth.

Envisioning, a Collaborative Ecosystem

Imagine an ecosystem where potential projects receive a significant boost by being onboarded through a cauldron. Abracadabra, with sufficient backing from entities like the ArbitrumDAO, can become a beacon for spotlighting and accelerating growth in the DeFi space.

With the continued support of the ArbitrumDAO, Abracadabra can extend its magic to more protocols, turning potential to reality.

Welcome the gmCauldron Era

*Before starting, make sure to educate yourself properly on how GMX V2 works, and how its liquidity system is designed here.*

Following the successful passing of SAIP #34, the DAO is now ready to open the gates to the gmCauldrons, one of the most innovative and efficient products ever produced by Abracadabra Money.Thanks to the gmCauldrons, users are now able to loop the base yield produced by 4 different types of gmAssets:

• gmARB

• gmETH

• gmBTC

• gmSOL

gmLINK is already been proposed to the community and currently in the voting stage here.

New gmAssets will be added over time following DAO votes. If you want to list a particular asset, make sure to submit a DAO proposal for SPELL holders to vote upon here!

Use the gmCauldrons!

The gmCauldrons have finished their beta-testing phase and are ready to be used natively on Arbitrum. An initial top up of 1m $MIM per market has been executed on Wednesday, with a following 1m each to be pushed today .

Enjoying triple digits APR on your favourite assets is simple and intuitive, just grab the amount of gmAssets you are interested in farming, and loop it directly on Abracadabra money, thanks to the $MIM leverage engine!You can find a detailed guide on how to use the gmCauldrons in our user documentation.

A big thanks goes to the GMX team who contributed with feedback and recommendations to this design, and the auditor over at Guardian.

STIP Rewards

Thanks to the gmCauldrons design, users can enjoy leveraged loop yield on both base and STIP boosted rewards for gmAssets. A degenbox strategy will soon be activated that will autocompound the GMX’s ARB rewards distributed into the users position into more gmTokens. Users' balances will grow accordingly.Note: A 10% fee will be charged on the ARB rewards and treated as protocol revenue!

In a matter of weeks and depending on usage, Abracadabra’s STIP rewards will also be used to boost users' yield that are utilizing the gmCauldrons. Get ready by opening a position in any of the new markets!The gmCauldrons are a statement to the faith and dedication that the DAO poses in the Arbitrum Ecosystem. We are excited to move the space this forward with Partner Protocols and Users Alike!

Phase 1: MIM Market Making Incentives

The STIP kicks off with a focus on the MIM Market Making Incentives. This initial phase is critical in establishing a robust foundation for the upcoming gmCauldrons. By deepening the liquidity of the MIM stablecoin, we aim to ensure that the gmCauldrons operate with minimal slippage, setting the stage for their successful launch and seamless functionality. For the market making incentives, a total of 750k $ARB tokens as well as SPELL co-incentives will be distributed to USDC, USDT and MIM Liquidity providers for the next 2 months.Given the current liquidity pool size of $2.8 million, this distribution will achieve an impressive APY of 160% based on the existing TVL.

Join our STIP Boosted MIM/2CRV farm here to enjoy ARB and SPELL rewards.

Phase 2: Balancing gmCauldrons with Incentives

Following the establishment of a solid liquidity base, we shift our focus to the gmCauldrons themselves, including gmBTC, gmETH, gmARB, and gmSOL.

Here, the incentives play a crucial role, not just in encouraging usage but in balancing the utilization across each cauldron. Users will benefit from direct borrowing incentives for engaging with these cauldrons.

Phase 3: Introducing MIM Savings Rate

The final phase introduces the pioneering MIM Savings Rate on Arbitrum. This concept is set to demonstrate the effective distribution of yield to a stablecoin.

Embarking on the STIP Journey

With the launch of the STIP, we invite Market Makers and liquidity providers to explore the rewards available on our New Cauldron Page.

For more insights into the STIP and our role in it, visit the Arbitrum Forum and read our comprehensive STIP proposal.

Join us on this journey as we strive to drive growth to the Arbitrum ecosystem!

In this article, we will thoroughly explore the distinctive qualities of our products and shed light on how magicKLP empowers users to take advantage of DeFi applications, revealing a range of exciting opportunities for generating yields.

Presenting magicKLP

MagicKLP is an auto compounder developed on top of Kinetix Finance KLP design, and marks the first Abracadabra auto compounding products launched natively on KAVA chain. MagicKLP is the first of a big push of products coming to KAVA later this quarter!

The rewards produced by KLP staking, given out in pKFI, KAVA and USDT will be auto compounded back into the users position thanks to the battle tested design pioneered by magicGLP and the other magic auto compounders in our lineup.

This auto-compounding effect not only increases your yearly APY, but it also allows you to enjoy a stress-free investment experience natively on KAVA chain. Say goodbye to the hassle of manually claiming rewards and hello to the magic of compounding returns with magicKLP.

magicKLP’s fee structure is simple – a fixed 1% protocol fee on magicKLP earnings!

MagicKLP is the perfect DeFi lego. Its value grows every rebalance, while still remaining a totally fungible token, that can be used and implemented in Lending Protocols, DEXs and other DeFi protocols seamlessly.

Using MagicKLP

Using magicKLP is simple and intuitive. Just head over to magicKLP staking page here, and fill in the amount of KLP tokens you wish to deposit.

After having approved spending, confirm the deposit transaction.

Just like that, you are now enjoying the autocompounding benefits brought by magicKLP!

Conclusion:

Uncover the enchantment of passive income and harness the potential of magicKLP within the KAVA chain to optimise your earnings and immerse yourself in the world of DeFi like never before.

Visit https://app.abracadabra.money/#/magicKLP to delve into the platform and seize the limitless prospects it offers.

For questions or assistance, join our lively community on Discord, where our team is prepared to support you throughout your journey.

magicLVL is an autocompounder developed on top of the Level Finance Tranches System. Each tranche has a set of diverse underlying tokens in varied proportions, which serve as liquidity for Level’s Decentralised Perpetual Exchange. Beyond the yield generated from fees, the Level Finance Staking mechanism distributes LVL incentives across the different tranches, making it an ideal candidate for a Magic Autocompounder!

In this article, we’ll delve into the unique features of our products and illuminate how magicLVL equips users to leverage DeFi applications, unveiling a spectrum of novel yield prospects.

Presenting magicLVL:

After an extended break, magicLVL marks Abracadabra’s grand return to the BNB Chain. As an innovative product, magicLVL prioritizes transparency, security, and efficiency, thereby providing an unmatched autocompounding experience for both DeFi newcomers and veterans.

magicLVL comprises three distinct autocompounders:

• MagicLVS for Senior Tranches

• MagicLVM for Mezzanine Tranches

• MagicLVJ for Junior Tranches

Each of these assets contain diverse underlying tokens, featuring various weights and risk profiles that can be staked into different staking contracts!

magicLVL leverages distinct advantages of the BNB Chain to enable swift transactions and low fees to make it easy for anyone to experiment with the Level DeFi ecosystem. Regardless of which tranche’s LP tokens a user provides, magicLVL will autocompound their earned rewards into more LP tokens, amplifying user returns while minimising user interactions.

magicLVL’s has the same transparent fee structure as Abracadabra’s other autocompounders – a flat 1% protocol fee on LVL earnings!

Stop manually claiming your LVL rewards and start embracing the magic of compounding returns and composability with magicLVL!

Unwavering Commitment to Security and Transparency:

Security is paramount at magicLVL. We implement proven designs that have led to the success of other Abracadabra products, such as MagicGLP and MagicAPE.

Abracadabra ensures users retain full control over their MagicLVL assets while fostering a transparent ecosystem that promotes trust and reliability.

The code for magicLVL is available here.

Effortless Integration and Interoperability:

magicLVL opens up the possibility to create future integrations with other leading DeFi platforms on the BNB chain, fostering interoperability and broadening opportunities for users.

This compatibility enables a comprehensive DeFi experience, where users can seamlessly navigate between various applications, maximizing the full potential of magicLVL, without compromising on the yields generated by the LVL staking rewards.

magicLVL is versatile - use it as collateral, borrow it, trade it, the possibilities are endless!

Abracadabra is looking forward to follow Level in its multichain journey and deepen this partnership on the other chains Level Finance is live on!

Conclusion:

Discover the magic of passive income and unleash the power of magicLVL on the BNB chain to maximize your returns and engage with the world DeFi like never before.

Visit https://app.abracadabra.money/#/magicLVL to explore the platform and take advantage of the boundless opportunities it presents.

For queries or support, join our vibrant community on Discord, where our team is ready to assist you on your journey.

We’re excited to announce the most significant upgrade for MIM since the inception of Abracadabra. MIM is now the first omnistable built on LayerZero’s Omnichain Fungible Token (OFT) standard.

Our integration with Layer Zero is redefining the boundaries of what's possible for a stablecoin, allowing you to experience an unprecedented level of interoperability and freedom.

MIM addresses on all chains will not change during the migration.

Empowered by LayerZero's OFT standard, you can effortlessly beam your MIM across multiple networks, with no slippage, reduced wait times, and no fees. This is a quantum leap into the future of decentralized finance, a realm where the limitations of the past are obsolete.

The LayerZero protocol is a decentralized, cross-chain messaging solution that enables seamless interoperability between different blockchain networks, including Ethereum, Arbitrum, Binance Smart Chain, Avalanche and all other networks currently supported by Abracadabra Money.

ELI5: Beaming

Beaming is the innovative infrastructure on top of which MIM will be able to freely move across chains.

If you are holding or LPing MIM, nothing will change for you. MIM tokens (including addresses) remain the same on all chains however, they are now enhanced with LayerZero technology. The benefits of this upgrade are manyfold, offering you unparalleled flexibility and cost-effectiveness.

For starters, by being an omnistable, MIM now has advanced beaming capabilities, such as cross-chain borrowing, repayment and liquidation. Imagine being able to deposit collateral on one chain and receive your MIM directly on another. More on that below.

Being part of the LayerZero ecosystem means you’re at the forefront of the DeFi revolution. There are dozens of new platforms being built on top of LayerZero technology, and you’ll have front-row seats to novel technologies that are currently being built around omnistables.

Welcome to a new era of seamless interoperability and unlimited possibilities with LayerZero, making DeFi's most resilient stablecoin even safer. Welcome to the new Omnistable MIM.

Advanced Beaming Capabilities

Cross-chain MIM beaming removes the boundaries for MIM and opens up new, undiscovered possibilities for our omnistable.

Instead of borrowing MIM on the chain where your collateral is located, cross-chain borrowing allows you to borrow MIM directly on the chain you want. Imagine wanting to buy ARB token with funds borrowed against mainnet assets. With MIM beaming, you could deposit Stargate USDT on ETH mainnet and borrowed MIM would appear in your Arbitrum wallet. You would no longer have to wait long periods for bridges to finalize or pay a hefty bridge fee. This also means that MIM arbitrage now becomes more feasible and cheaper than ever before.

This powerful design also works with liquidations and with repayment. For liquidations, you can now buy MIM on the cheapest chain, beam them directly to the chain where the liquidation will take place, and include the instruction to liquidate the position. For repayments, you can locate cheap MIM across chains and seamlessly use it to repay a position without ever needing to send funds across a third party bridge.

These advanced beaming capabilities will soon be available directly on Abracadabra’s front end, making the cross chain experience smooth and secure. Stay tuned for more details on the launch!

Complete Control on Beaming Fees

Thanks to this new implementation, fees associated with beaming MIM across chains can now be completely decided by Abracadabra DAO.* At launch, to encourage higher usage of these new capabilities, there will be no fees beyond gas.

The MIM Omnistable design also allows for a much more customizable gas fee configuration. The gas fees on the recipient chain will be dynamic, leading to potential savings when network activity is low, and  faster execution when the network is congested.

Additionally, Beaming fees configuration will now be able to be decided by the DAO and configured at wish, following an AIP vote producing a potential new income stream for SPELL holders.

MIM beaming will be available on both Abracadabra and Stargate UIs shortly after launch. Additionally, MIM and other future OFT tokens will be fully composable. This means that any bridge aggregator can support beaming functionality.

Reduced Beaming Fees as an Arbitrageurs Tool

Low MIM beaming fees can serve as a powerful tool for arbitrageurs to exploit cross-chain price discrepancies as the omnistable design allows for seamless and cost-effective movement of assets across different blockchain networks.

Arbitrageurs can now exploit price discrepancies between different chains by using MIM as a means of transport, beaming the token from one chain to the other and quickly capitalizing on profitable opportunities without being hindered by transaction costs thanks to our Omnistable Design.

The omnistable design promotes liquidity and maximizes market efficiencies and we expect more participants to engage in cross-chain arbitrage, resulting in faster price convergence and reduced market imbalances.

The LayerZero Ecosystem

MIM is fully compliant with the OFT standard, and can be natively integrated into the numerous projects that are currently building on top of LayerZero.

Abracadabra is excited to be on the forefront of innovation, pushing the boundaries of DeFi into a new, omnichain world.

If you are developing on top of LayerZero and wish to connect with our core contributors and engineers to better integrate MIM into your design, do not hesitate to reach out via Discord or Twitter!

Less than 2 months ago, MagicGLP made a splash in the DeFi world by launching on Arbitrum, offering GMX users a way to earn boosted GLP rewards through its low-fee auto-compounding technology.

Since its launch on the 31st of January, MagicGLP has achieved nearly $28m in TVL and has harvested more than 500 ETH in rewards for its users.

MagicGLP has become massively popular within the GMX community, and its expansion to Avalanche will bring even more benefits to the ecosystem as a whole.

The benefits of Using MagicGLP

Using MagicGLP is simple and intuitive, users earn rewards by staking GLP tokens on Abracadabra and receiving magicGLP as receipt tokens.

MagicGLP automatically reinvests these rewards into the user's original stake, compounding users earnings and maximizing users returns over time. Each time rewards are compounded, the value of the magicGLP token will increase relative to GLP, causing the magicGLP:GLP exchange rate to rise over time. Rewards are compounded twice per day.

This auto-compounding effect not only increases your yearly APY, but it also allows you to enjoy a stress-free investment experience. Say goodbye to the hassle of manually claiming rewards and hello to the magic of compounding returns with magicGLP.

The Avalanche network's scalability and security provide the perfect foundation for MagicGLP's auto compounding technology, creating an ecosystem that is perfectly suited for GMX users.

If you wish to learn more on how magicGLP works behind the hood, you can find more information here.

Once deployed on the Avalanche C-Chain, Abracadabra will work to integrate magicGLP into DeFi platforms on Avalanche as MagicGLP tokens are completely transferable and composable. MagicGLP can be integrated seamlessly into protocols as any other interest bearing token to enable lending, borrowing, and more. If you are interested in working with Abracadabra, do not hesitate to reach out via Discord to our moderators and DAO contributors!

magicGLP’s fee structure is simple – a fixed 1% protocol fee on mGLP earnings! Because there are no deposit fees or withdrawal fees, you can enter or leave at a moment’s notice, all with no penalties!

The launch of MagicGLP on Avalanche represents an exciting new chapter in the development of Abracadabra Money and provides the GMX community with an innovative way to grow their wealth on the Avalanche network.

Head over to app.abracadabra.money/#/magicGLP and try it now!

Hop on our Discord server if you have any doubts or questions!

What is magicAPE?

Tired of manual staking and compounding your APE rewards on apestake.io? Abracadabra has the product just for you!

magicAPE, also known as mAPE, is a wrapper token that automatically compounds the APE yield generated from staked APE coins back into magicAPE to maximise your returns!

Each time we compound your rewards, the value of the magicAPE token will increase relative to APE, causing the mAPE:APE exchange rate to rise over time. Rewards are compounded twice per day.

magicAPE’s fee structure is simple – a fixed 1% protocol fee on magicAPE earnings!

Because there are no deposit fees or withdrawal fees, you can enter or leave at a moment’s notice, all with no penalties or fees!

This auto-compounding effect not only increases your yearly APY, but it also allows you to enjoy a stress-free staking experience.

Say goodbye to the hassle of manually claiming rewards and hello to the magic of compounding returns with magicAPE.

You can find a detailed guide on how to use magicAPE here.

Max Boosting magicAPE Earnings

In addition to our auto-compounder, we are also excited to announce that we are pairing the launch of magicAPE with the launch of our magicAPE cauldron, as per AIP #16.

The cauldron parameters are:

• Initial Interest: 18%

• LTV: 70%

• Borrow Fee: 0%

With this cauldron, you can now borrow against your magicAPE or leverage up to earn even more APE rewards!

Our cauldron technology allows users to use their magicAPE tokens as collateral to borrow $MIM, that is then invested into new magicAPE, hence effectively increasing your initial deposit yield! All of this happens in just one click on our UI!

Once you want to deleverage, you can easily close your position in one click, selling your collateral for MIM, and hence unlocking the initial deposit (which will now be worth more than when you deposited it).

Please note: magicAPE collateral goes up in value, not in quantity, as every time a harvest is triggered your magicAPE tokens are worth more and more APE!

You can learn more about our leverage engine in our docs here.

The cauldron is already live and can be found here:

• Borrow against magicAPE

• Leverage your APY up to 450%

Conclusion

Join the magic of passive income with magicAPE, and start maximizing your returns on staked APE tokens today!

Head over to app.abracadabra.money/#/magicAPE to try it out.

Hop on our Discord server if you have any doubts or questions!

tl;dr Abracadabra is launching a suite of GMX-focused products. First, we are introducing DeFi’s lowest-fee auto-compounding GLP token, magicGLP, which simply takes a 1% fee on magicGLP yield. We are also introducing a magicGLP cauldron that allows users to borrow and lever up against their magicGLP.

What is magicGLP?

Tired of manual staking and compounding on GMX to maximize your returns on your GLP tokens? So are we. This is why we’ve built DeFi’s cheapest auto-compounding token for GLP, magicGLP.

magicGLP, also known as mGLP, is a wrapper token that automatically compounds the ETH yield generated from staked GLP back into magicGLP to maximize your returns.

Each time we compound your rewards, the value of the mGLP token will increase relative to GLP, causing the mGLP:GLP exchange rate to rise over time. Rewards are compounded twice per day.

magicGLP’s fee structure is simple – a fixed 1% protocol fee on mGLP earnings! Because there are no deposit fees or withdrawal fees, you can enter or leave at a moment’s notice, all with no penalties!

This auto-compounding effect not only increases your yearly APY, but it also allows you to enjoy a stress-free investment experience. Say goodbye to the hassle of manually claiming rewards and hello to the magic of compounding returns with magicGLP.

You can find a detailed guide on how to use magicGLP here.

Turbocharging magicGLP Earnings

In addition to our auto-compounder, we are also excited to announce that we are pairing the launch of magicGLP with the launch of our magicGLP cauldron. With this cauldron, you can now borrow against your magicGLP or leverage up to earn even more GLP rewards! Whether you're looking to capitalize on short-term price movements or take advantage of longer-term growth opportunities, our cauldron gives you the power to unlock the full potential of your GMX investments.

$MIM top up is being executed later today, follow this twitter account to find out once it happens!

Conclusion

Currently, magicGLP staking is only available on the Arbitrum network. If there is sufficient market appetite, we will look to launch an Avalanche auto compounder / cauldron pairing in the upcoming weeks. Additionally, keep an eye out for more auto-compounding “magic” tokens in the near future!

Join the magic of passive income with magicGLP, and start maximizing your returns on GLP tokens today! Head over to app.abracadabra.money/#/magicGLP to try it out.

Maximizing Yield with Protocol-Owned Farming (PoF)

In this quarter, Abracadabra launched its first PoF (Protocol Owned Farm) which has already shown great success, proving the strength of the platform to utilize idle capital of the treasury and maximizing these returns. A total of $1,000,000 USDT has been used in a custom deployed 0% fee cauldron, resulting in impressive returns of 32% APY.

The community is closely monitoring the results and exploring ways to utilize the remaining idle treasury to obtain even more yield.

The success of this initial deployment, underscores the potential of PoF to generate profitable returns for the protocol and its treasury.

A new level of efficiency has been achieved for these previously idle treasury assets. Expect further advancements in PoF in the following quarter.

New Cauldrons: A New Era of leveraged yield farming!

Many users are wondering what the next assets listed as collateral on Abracadabra will be, so here is a list of collateral that the protocol is expecting to launch in Q1:

• GMX Ecosystem Cauldrons: Many exciting projects are being built on top of GLP, and they are all waiting for a leverage engine! Read more down below!

• Yearn’s Tricrypto Vault: Leverage up the best Tricrypto yield on the market!

• Magic APE:  Abracadabra’s in house auto compounder for staked APE tokens!

• DEX LP Tokens: We are looking into expanding the Degenbox strategies to Camelot, Solidly and Velodrome LP tokens!

We are going to have a more in depth look at each of these collaterals closer to launch, so stay tuned!

Strengthening decentralization with IPFS integration

Another major milestone for Abracadabra is the integration with IPFS. The community deployed and maintains an instance of the open source Abracadabra front end on the distributed peer-to-peer file network known as the Interplanetary File System (IPFS). By hosting the protocol on a distributed peer-to-peer network, Abracadabra is able to offer its users greater censorship resistance and a more secure infrastructure. This is just the first step towards strengthening decentralization, and the Abracadabra community is dedicated to continuing this journey.

The community has ambitious plans which include full on chain governance of the protocol within 2023.

Through the use of on-chain governance, the community aims to give users greater control over the future development and direction of the protocol. While the current governance structure is efficient and adequate, a full on chain structure will introduce a new level of control towards the token.

Expanding the GMX Ecosystem

Abracadabra is set to unveil a new suite of products, targeting the GMX ecosystem. These products will provide users of the GMX protocol with innovative tools to maximize their profits. With the first product release, users will be able to experience a new level of automated yield generation and fees that are unrivalled in the market.

Our protocol is excited to see the positive impact these products will have on the GMX community.

Emissions Reduction

In the past months, thanks to new and innovative business models, Abracadabra has managed to steeply reduce its emissions, without compromising the liquidity for $MIM.

As of November, the protocol was emitting approximately 311,380,608 SPELL per week, in order to have the same (if not lower) liquidity levels that we are currently maintaining.

The following graph shows how balanced the MIM-3Crv Pool on Curve is (i.e the percentage of $MIM compared to 3Crv tokens).

Note: The Blue line is the percentage of MIM tokens, the yellow line is 3crv (DAI, USDT and USDC)

The current situation is achieved emitting 84,742,166 SPELL per week, reducing dilution for each token holder, immensely.

A good way of visualising the emissions reduction compared to liquidity in the pool is with the following two graphs:

Thanks to this, the cost of emitting $MIM for the protocol has been reduced as well, allowing the listing of numerous types of collateral! Expect this reduction to continue and be adjusted over the next few weeks!

This emissions reduction will be met with a revamping in tokenomics, that is likely to come in Q2! Stay tuned Wizards!

Collaborating for Growth: Abracadabra’s Strategic Alliances

Abracadabra has been making major strides in partnering with innovative projects in the ecosystem.

With collaborations underway with Camelot, Solidly, Yearn, Rage Trade, Velodrome, the opportunities for growth are endless.

Stay tuned for a forthcoming in-depth look at these exciting partnerships.

As always, Abracadabra welcomes the opportunity to work with like-minded builders. If you’re interested in integrating the Abracadabra leverage engine into your project, or boosting the utility of $MIM, do not hesitate to reach out to our community of DAO contributors on Discord or submit a proposal on the forum for $SPELL holders to discuss and vote on.

Streamlining the User Experience: A Refresh of the Abracadabra Interface

Abracadabra contributors are always working to make the platform the best it can be. Behind the scenes, the community has been hard at work on a revamp of the UI. Valuable feedback has been collected from the forums and discord on what can be improved in V2.

A major overhaul of the UI is in the works and will be rolled out in multiple phases to ensure a seamless transition for users. The first phase will focus on improving the flow of the dApp and making it easier for users to have an overview of all cauldrons of the Abracadabra ecosystem. This will be a significant step towards enhancing the user experience and meeting the demands of the community.

If you have any questions, join the discussion on our Discord community here and follow Abracadabra on Twitter!