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.
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.
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!
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.
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.
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.