As with many subjects under the public microscope, cryptocurrency faces a considerable degree of disinformation. Governments and lawmakers benefit from belittling and dismissing cryptocurrency, even as they attempt to shackle blockchain technology for their benefit. Writing cryptocurrency off as “magic internet money,” they intentionally avoid learning the basis of the asset’s value. While this may distress the average cryptocurrency investor, some seized the moment and built a brand from those negative comments.
The Abracadabra Network took the derisive moniker and made it their own. Their Magic Internet Money (MIM) stablecoin is the backbone of the network, allowing users to stake a variety of cryptocurrency assets to earn MIM in return. The tactic paid off, with Abracadabra reaping significant profits as users flocked to their somewhat unique investment system. Unlike other staking platforms, Abracadabra allows users to stake interest-bearing cryptocurrencies.
Abracadabra Network: Magic Internet Money versus SPELL
Magic Internet Money is a cross-chain stablecoin minted through collateralized cryptocurrency. Users that stake other cryptocurrencies receive MIM, which they can then use as they so desire – including staking elsewhere for additional interest. The assets that the user originally staked continue to bear interest for the user as well, creating a potentially exponential interest rate overall.
In contrast, SPELL is a more traditional governance token that grants holders a voting stake in the overall operation of the Abracadabra Network. SPELL holders gain a say in various metrics of the platform, including fees and future expansions. As users close their MIM positions, the associated fees go to SPELL holders as a form of a dividend.
Embracing Stereotypes as Marketing
While the cryptocurrency industry continues to grow and mature, there is still a degree of “hype” necessary for marketing a project. The same is true in traditional industries, but cryptocurrency benefits from a wider array of marketing options. Abracadabra’s use of “Magic Internet Money” as part of their brand effectively hijacks a swath of searches and cultural awareness.
These unique forms of marketing become necessary in a saturated environment. Traditional advertising suffers from decreasing effectiveness, requiring these innovative approaches. While Abracadabra’s recent performance may be suppressed alongside the entire cryptocurrency market, its strong foundation should allow a quick bounce back in the future.