Omnichain MIM
How to beam MIM across chains
Last updated
How to beam MIM across chains
Last updated
Welcome to the world of Magic Internet Money (MIM) Beaming! Beaming is an innovative way to transfer your MIM tokens from one chain to another swiftly and securely. Powered by LayerZero's Omnichain Fungible Token (OFT) standard, beaming not only promises speed, reliability, and security, but it also unlocks the potential for future cross-chain interactions, such as borrowing on one chain from a position on another, cross-chain liquidations, and more.
Beaming transcends the boundaries of individual blockchains, creating bridges for MIM tokens to move seamlessly across them. It amplifies the power of decentralization by allowing MIM tokens to exist and operate on multiple chains simultaneously, providing resilience and freedom. This interoperability also expands the utility of MIM, allowing you to tap into the unique advantages that each chain offers, ensuring that MIM is able to move freely between chain to better integrate with what every chain has to offer.
Following AIP #26 - Implement a 1$ flat beaming fee on all networks, Abracadabra charges a 1 USD flat beaming fee for the service, regardless of the beamed amount. This fee is taken in the gas currency (ETH on mainnet, FTM on Fantom…), which allows the UX to stay the same and the beamed amount to be consistant. The generated revenue is treated like treasury revenue, to further increase the DAO profitability and runway. MIM contract addresses across the different network the Omnistable is live on can be found here.
Find out more about how to beam MIM bellow!