MIM and Adamant: A Magical Brew for Incredible APYs
The wizards over at https://abracadabra.money/ have created an enchantment to turn your crypto collateral into Magical Internet Money. (Deposit your crypto there safely and borrow against it with incredibly low fees for a stablecoin — witchy stuff!)
Their recent move to Arbitrum is a really smart one allowing users access to low fee transactions on an incredibly secure level 2 network.
Combine their deep magic with the sorcery of Adamant Vaults and you have some spellbinding APYs possible! How’s it all possible? With the power of autocompounding and profit-sharing!
Comparing Sushi and Adamant APYs
- SPELL/WETH — 175%
- MIM/WETH — 81%
- SPELL/WETH — 281% APY
- MIM/WETH — 146% APY
MIM-2Pool on Curve: 122% APY
Want to enjoy some stablecoin autocompounding? Adamant just added the MIM-2Pool on Curve.Finance that gets extra SPELL we will autocompound for you. Right now that pool has an incredible 122% APY.
How to deposit at Adamant for magical APYs
Have MIM or SPELL liquidity you’re farming on Sushi? Let Adamant do the work of autocompounding and save gas on Arbitrum:
1. If you are in the farming section on Sushi unstake your liquidity there. (Keep it pooled though!)
2. Head to https://Adamant.finance and look for your pool. You can search for MIM or SPELL even!
3. Click on your pool and then “Stake” (you’ll need to approve Adamant using your LP tokens).
4. Watch the rewards accrue.
5. Remember to come back and claim your ARBY as often as you’d like.
Starting next week ARBY reward distributions will be sent to stakers/lockers on Adamant.finance. Once you’ve claimed your ARBY it will start accruing these rewards and get you even more APY in the form of WETH!
That’s it! Now go forth and create some more magic, you badass wizard!
Adamant Vaults is the #1 autocompounder and yield optimizer on the Polygon and Arbitrum networks by TVL. Our contracts on Polygon are Certik audited. Adamant users stake their deposits from other platforms and receive autocompounding plus additional rewards of our native token ADDY (Polygon) / ARBY (Arbitrum). 100% of Adamant’s fees are distributed to native token stakers and lockers.
Abracadabra.Money is a spell book that allows users to produce magical internet money.
You, the Spellcaster, can provide collateral in the form of various interest bearing crypto assets such as yvYFI, yvUSDT, yvUSDC, xSUSHI and more.
With this, you can borrow magic internet money (MIM) which is a stable coin that you can swap for any other traditional stable coin.