CTX Partnership with abracadabra SPELL and Olympus Pro

Ideas
1

The goal here is to increase the visibility of cryptex and bring more compatibility to cryptex ecosystem. Many people were skeptical at the beginning of abracadabra; now, it is a most successful and growing project in Defi 2.0 narrative where everyone wants to join.

SPELL is a governance token for https://abracadabra.money/ and MIM is the stable issued by lending its platform assets. Today SPELL generates twice the weekly fees of MakerDAO, and it has a presence on most chains. Partnering adds value on both ends CTX has to be a strong asset with sufficient liquidity to support it by https://abracadabra.money/ to mint stable coin MIM on their platform. Bring more MIM into existence by adding CTX and TCAP to their platform and increase utility for MIM3CRV ( mim+3 Crv deposited on curve) by using it as collateral in cryptex.

Now Olympus comes in to picture to make CTX stable in the market . Olympus Pro platform allows protocols to take control of their LP shares by rewarding discounted tokens. There will be market fluctuations for a couple of weeks where discounted CTX enters the market, but in the end protocol gains majority of lp shares which stabilizes the price.

Composability looks like this:

abracadabra.money : lend ctx → borrow mim → deposit in mim3crv pool (yield generating asset)-> use it to mint tcap–> self pay tcap loan

6 Likes
2

So we need:

  • Lend CTX and borrow MIM. CTX Chainlink Oracle (In progress)
  • Use mim3crv pool to mint TCAP. We need a mim3crv pool / USD oracle (Unknown).
  • Self pay tcap loan. Vauts upgrade (Planned).
3 Likes
3

there is already oracle for spell and MIM I couldn’t find one for mim3crv

4

Then we can add MIM and Spell as collateral for minting TCAP. Is there any protocol where we can deposit MIM?

5

there are many Curve.fi curve has 2.2 billion liquidity