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    Abracadabra: Degenbox

    Abracadabra Money is a multichain protocol where users can mint/produce Magic Internet Money ($MIM) by depositing collateral. $MIM is a stablecoin which will be backed by the deposited collateral. Recently, they just introduced Degenbox strat where users can now deposit stablecoin $UST, to mint the other stablecoin $MIM and farm it for more APY return. In this dashboard, I will show the steps for Degenbox strat and how to get generational wealth on stablecoin pair.

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    Illustration below shows the summary of how Degenbox works.

    1. Buy some $UST. You can get some $LUNA from Flipside discord faucet and swap it for $UST on Terraswap.
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    1. With those $UST, bridge it over to Ethereum mainnet through any bridge available. Terra Bridge is the most established bridge for Terra <> Ethereum transactions. Terra Bridge: Bridge

    The Terra bridge should look like below. Make sure to choose Terra as From and Ethereum as To. Select $UST from Asset drop-down option. Insert your desired amount and put your Ethereum address and press next. The next page will shows confirmation and do check all details there before pressing CONFIRM. Once you press CONFIRM, the Terra extension or your Terra Station wallet will ask to confirm the transaction. After you press confirm, this should conclude the bridging transaction and your $UST will show up on your Ethereum wallet balance.

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    1. The Abracadabra app on Ethereum where the magic happens. Head over to https://abracadabra.money/ and connect your Ethereum metamask wallet. Go to Borrow tab and find UST component and press that option. This is the so-called 'cauldron'.
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    1. Now what you have to do is deposit the $UST in the collateral side and borrow $MIM at 90% LTV (both are stablecoins so you should be safe unless there were some serious depegging happens on $MIM and/or $UST which chance of happening is very slim but not zero).
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    1. All done. Now 85% of the $UST deposited will be bridged back to Anchor and deposited to Earn and the your $UST collateral will be accruing with rewards. But these steps will be done automatically. Now you can enjoy your generational wealth risk-free-ish.

    This is my Scavenger Hunt design for Abracadabra Degenbox. But it would be better if we wait for this Degenbox to arrive on other chain, like Fantom since gas fee would be much sensible than Ethereum.