How the Frog Nation Plans to #OccupyDefi

5 min readOct 7, 2021

You may have heard of an upstart little stablecoin called Magical Internet Money.

I’ve written a little bit about it in the past and am a big fan. The makers of MIM, Abracadabra.Money have been increasing their TVL (currently $1.73B) and marketcap ($669M) for $Spell rapidly and are already beating Maker DAO in terms of profit: byebyedai.money

🐸 The Frog Nation 🐸

Abracadabra is part of the Frog Nation: a group of projects all spearheaded by Daniele Sestagalli and his team of masterminds. MIM forms up the cross-chain stablecoin wing, with Popsicle.Finance as the cross-chain market maker and yield optimizer, and Wonderland.Money the cross-chain (soon!) treasury-backed reserve currency.

#OccupyDeFi

Together these teams and protocols are seeking to #OccupyDeFi: take the idea of decentralized finance back from the VCs (suits) that want to control it, the tradfiers (traditional finance) that want to centralize it, and the mercenary liquidity providers that only want to profit from it.

The Vision

Their vision seems to be a simple one: truly decentralized finance will lead to financial freedom for those that want to join in, build together, and use their resources as they’d like. That financial freedom isn’t just a day dream to Daniele and his team, they’re making it happen through some innovative ideas, force-of-will, and an attitude that says get out of the way if you aren’t helping to open up everyone’s future.

Down the 🐰 hole

The vision behind #OccupyDeFi can seem like a dream in wonderland. It’s this fantastical idea that people will be able to control their own financial resources and use them as they’d like without fear of interference or power-grabs from those above us on the hierarchy. It’s one that draws you in with promises of generational wealth but then opens up an even bigger world… let’s go down the rabbit hole with Dani and his team.

A truly decentralized and cross-chain stablecoin

The road to #OccupyDeFi comes in a couple of steps:

Prove the concept of truly decentralized stablecoin, with many collateral types and across multiple chains, works. Take modest fees for this service so as not to hurt the consumer.

Utilize your stablecoin as the easiest on-road and off-road to decentralized finance. Get it on CEXs, DEXs, and as many networks as possible.

A cross-chain market maker for your assets to grow

Create a platform that lets users use their liquidity as they like it and guarantees financial freedom. That liquidity shouldn’t be limited to just one network or use at a time.

Grow out this platform in a way that allows cross-chain dominance of the DeFi space, with low fees and ease of use. Make it stable and trustworthy enough for anyone to use.

An inflation resistant, wealth-generating currency

Create an aligned currency that isn’t tied to the current financial system by some sort of peg and won’t suffer from inevitable inflation. Tie that currency to a backed set of assets.

Tie it all together

Tie this whole system together with a modest set of fees that returns value to those that use it. Reward the people that build, not the people that harvest, burn the landscape, then move on.

The 🐸 Nation United

Once you learn about what Abracadabra Money, Popsicle Finance, and Wonderland Money are doing you realize what’s at the end of the rabbit hole: Taking financial freedom into our own hands.

Magical Internet Money

We’ve already proved the stablecoin works with MIM. It’s quickly overtaking DAI because it is truly decentralized and a frictionless experience. Deposit your crypto collateral, borrow against it safely for a loan of stablecoin that travels across almost any chain and use it as you’d like. All for very little in fees.

We’ve just started.

Abracadabra is establishing deep liquidity on every EVM (Ethereum Virtual Machine) compatible network it can (so far Ethereum, Arbitrum, Binance, Fantom, and Avalanche) and MIM will quickly become the default decentralized stablecoin of all DeFi. Once MIM is listed on multiple central exchanges it will become a unit of account to onboard or offboard funds for whatever users want.

Users of MIM will be able to bridge their funds across multiple chainsfor incredibly low fees and without waiting days or even weeks. Network liquidity challenges will quickly flatten. All of this will be maintained and developed by a modest fee for services, and one where the profit goes to Spell holders.

Popsicle’s Degenbox

The launch of Popsicle Finance’s full suite of market-making tools will bring a revolutionary new possibility to DeFi: users owning how they use their LP for rewards AND as collateral, and bridging its use across multiple networks.

The Madhatter.

Popsicle’s Degenbox will allow you to deposit your liquidity, automatically find the best fee structures for it, and let you trade that across networks.

You can then use that LP at Abracadabra as collateral for MIM (a loan that pays itself off) or to leverage your position while still receiving rewards.

Popsicle will charge a modest fee for these services and return that profit directly to users by rewarding ICE stakers with performance fees using nICE.

Wonderland’s Role

The Timekeepers at Wonderland.Money are already able to use their TIME as collateral at Abracadabra, and will likely see further integration with their friends at the OlympusDAO propping up a backed but pegless reserve currency that is truly worth something.

Wonderland will also include RPG and NFT elements to grow it into a protocol connecting the metaverse.

It goes deep.

The capabilities of TIME/MEMO are expanding cross-chain quickly and the Wonderland DAO is taking shape on their Discord.

This man delivers.

The Timekeepers will earn more fees from cross-chain trades of their protocol-owned LPs, Fantom users will have a direct way to stake TIME, and the Wonderland DAO will increase its allocation of TIME.

Are you in yet?

If this vision captures you, start looking into the different projects mentioned above, or following the team. I’m active over on their Discords and looking forward to meeting you. Down down the rabbit hole we go, where it stops… who knows.