Abracadabra.money is a lending platform using interest-bearing otkens(ibTKNs) as collateral to borrow $MIM.
wMEMO collateral has been released on the 1st of October 2021. To learn how to use it, please check the following sections.


In order to use your MEMO as collateral, you first need to wrap them into wMEMO on Abracadabra.money!
MEMO increase in amount over time, while wMEMO increases in price.
When you unwrap your wMEMO tokens, you get back your original MEMO plus any other MEMO gained due to rebasing!


Once you have wMEMO in your wallet, you can move to the "BORROW" page of abracadabra!
1 Go to the "BORROW" menu. Type the amount of wMEMO that you want to use as collateral and type the amount of MIM you want to borrow. Note that currently the maximum LTV available is 30%.
2. Click "ADD COLLATERAL AND BORROW", approve token spending and sign the transaction on bentobox if this is your first time using the market, and then confirm the transaction on metamask. When the transaction is processed successfully, the borrowed MIM amount will appear in your wallet.


Before using it, make sure you fully understand how leverage positions work on Abracadabra. Please have a read here.
Follow the process used in the Borrowing section.
1. Click on "Change leverage" and choose a loop amount.
2. Depending on the loop amount (ranges between 1 to 10), your borrow amount, leverage, and liquidation price will be updated accordingly.
Liquidation price increases with loop amount, and a higher liquidation price means you can get liquidated more easily.
3. You can adjust the "Swap Tolerance". A lower value means your transaction is more likely to fail e.g. when the exchange rate of MIM token changes during the execution of your transaction.
4. To use a higher gas fee, but retrieving the most update price from the oracle, click on "Update price". Then click "ADD COLLATERAL AND BORROW" and sign the transaction to open a leverage position.

Unlike a normal borrow, you will not get any MIM tokens in your wallet from this transaction because they are swapped for more wMEMO in the background.

Bear in mind that differently from normal borrow positions, if you get liquidated in a leveraged position you will use ALL your collaterals and have no MIM in wallet!