Abracadabra

Abracadabra is launching V2, transforming its MIM stablecoin from a basic DeFi tool into a private banking platform. **Key Features:** - Borrow against yield-bearing collateral while maintaining upside exposure - Private spending capabilities - Designed for everyday use The platform aims to bridge DeFi lending with traditional banking convenience. Users can access the full announcement and join the beta waitlist at [abracadabra.money/v2-announcement](https://abracadabra.money/v2-announcement).

A major network upgrade has arrived on Ethereum, bringing V2 to the platform. **Key Updates:** - V2 is now live on Ethereum mainnet - The stablecoin model continues to support MIM (Magic Internet Money) exclusively - No additional stablecoin options have been introduced in this version This launch represents a significant milestone for the protocol, maintaining its focused approach to stablecoin integration while expanding its technical capabilities on Ethereum.

Revolut is rolling out its crypto-enabled banking card across 66 countries, implementing a careful market-by-market approach with compliance safeguards. **Key Features:** - Full bank account functionality, not limited to crypto off-ramping - Gradual deployment with regulatory compliance at each stage - Expansion beyond typical neobank offerings This measured rollout follows Revolut's 2024 entry into a mobilization stage for new banking operations with initial restrictions.

Rehide has introduced a comprehensive vault system designed to enhance Web3 security and accessibility. **Key Features:** - **Encrypted ZK receipts** and privacy credentials for enhanced transaction privacy - **Multi-device synchronization** for seamless access across platforms - **Passkey support** for modern authentication - **Offline Recovery Kit** for backup security All keys remain end-to-end encrypted, maintaining zero-knowledge architecture. The system builds on Rehide's existing Web3 wallet integration, which already provides secure password storage and encrypted data sharing. Users maintain complete control over their data while benefiting from improved accessibility and recovery options.

Abracadabra Money has unveiled its V2 platform featuring a streamlined six-step process for privacy-focused DeFi borrowing: - **Add collateral** to secure your position - **Borrow MIM** (Magic Internet Money) stablecoin - **Route through ZK privacy pool** for enhanced transaction privacy - **Spend or repay** with flexible options - **Vault-backed receipts** for proof of holdings - **Full controls in one app** for simplified management The new version integrates zero-knowledge privacy technology directly into the borrowing workflow, allowing users to maintain confidentiality while accessing DeFi lending services. All operations are managed through a single unified interface.

**Privacy-first by design** V2 introduces a fundamental shift: privacy is now the default setting, not an opt-in feature buried in advanced settings. **Key changes:** - Zero-knowledge technology runs automatically in the background - No complex toggles or technical knowledge required - Seamless experience across web and mobile platforms **Why it matters:** Most online systems default to exposure when privacy is optional. By making privacy mandatory at the infrastructure level, V2 ensures users are protected without having to think about it. The technical complexity of ZK rails remains hidden, delivering enterprise-grade privacy with consumer-grade simplicity.

Abracadabra Money is rolling out V2 with significant upgrades while maintaining its core MIM stablecoin system. **What's staying:** - MIM remains the primary stablecoin - Interest-bearing collateral borrowing - Overcollateralized positions **New V2 features:** - **Private spending by default** - transactions are now private - **Up to 90% loan-to-value ratio** - borrow more against your collateral - **Real banking UX** - improved user experience The protocol continues to allow users to borrow against their assets without selling them, maintaining the zero-interest model with no repayment deadlines.

A security vulnerability hit Abracadabra's deprecated V4 cauldrons on Ethereum, allowing an attacker to mint **1.79 million MIM tokens**. **Quick Response** - DAO Treasury immediately identified and mitigated the vulnerability - Bought back all affected MIM from the market - **No user funds were lost** during the incident **Current Status** - Attack effects have been **completely reversed** - Cauldron borrowing temporarily disabled for code review - All systems remain stable **Investigation Ongoing** - Bug bounty offered for information leading to hacker identification - Team reviewing codebase before future deployments - [Transaction details](https://etherscan.io/tx/0xbaede1ddbab71fb48d25139e720356d8c487d47ce4b94aaf683969dc1fb1c984) available on Etherscan This marks another security incident for the protocol, which faced similar exploits in early 2024 affecting V3 and V4 cauldrons.

Abracadabra DAO has expanded its cross-chain capabilities by launching SPELL token support on the Nibiru beam bridge. This integration enables users to seamlessly transfer SPELL tokens between Ethereum, Nibiru, and other supported blockchain networks. The expansion follows the successful launch of MIM (Magic Internet Money) on Nibiru Chain in May 2025, which introduced omnichain stablecoin functionality using LayerZero technology. Key Features: - Direct token transfers without wrapping - Cross-chain compatibility - Enhanced capital efficiency - Simplified user experience Users can access the beam bridge at [Abracadabra's Beam Portal](https://app.abracadabra.money/#/beam)

Abracadabra's MIMSwap has launched on Nibiru Chain, introducing their stablecoin AMM technology to the ecosystem. The platform offers: - Low-slippage trading specifically optimized for stablecoins - Capital-efficient swap mechanisms - Integration with Nibiru's high-performance DeFi infrastructure This follows the recent $MIM token launch on Nibiru via LayerZero's Beaming technology, enabling cross-chain transfers with networks like Ethereum and Arbitrum. The team plans to introduce new liquidity provision opportunities and expand omnichain integrations. To access MIM on Nibiru, users can utilize the [Beam portal](https://app.abracadabra.money/#/beam) for seamless cross-chain transfers.