Overcollateralized borrowers deposit funds into Abracadabra and receive MIM stablecoin.

Abracadabra is a non-custodial stablecoin protocol built on Ethereum and other adjacent blockchains. Abracadabra was founded by Daniele Sestagalli and launched in 2021.

SPELL tokenholders own and govern the protocol. Currently, the interest and borrowing fees paid by borrowers (revenue) are shared between tokenholders and the project treasury.

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Abracadabra.money

# Abracadabra.money Total value locked Methodology

## 1. Overview

Total Value Locked (TVL) for Abracadabra represents the total USD value of outstanding MIM stablecoin debt across all supported blockchain networks. This metric tracks the cumulative value of MIM tokens that have been borrowed (minted) through Abracadabra's Cauldron contracts but not yet repaid (burned), including accrued interest. The calculation aggregates outstanding supply across Ethereum, Arbitrum, Avalanche, BSC, and Fantom networks to provide a comprehensive view of Abracadabra's total locked value.

## 2. Data sources

The TVL calculation relies on the following raw data sources:

- **Blockchain events**: Parsed `LogBorrow`, `LogRepay`, and `LogAccrue` events from Abracadabra Cauldron contracts deployed across Ethereum, Arbitrum, Avalanche, BSC, and Fantom networks
- **Contract events**: Specific event logs from Abracadabra's lending protocol contracts that track debt creation, repayment, and interest accrual
- **External data**: End-of-day price feeds for MIM token (`0x99d8a9c45b2eca8864373a26d1459e3dff1e17f3`) to enable USD conversion
- **Token metadata**: Token decimal precision data for accurate amount calculations and normalization

## 3. Step-by-step calculation

### Component A: Borrow event extraction
- **Purpose**: Captures new MIM debt creation events across all supported chains
- **Logic**: Extracts `LogBorrow` events from Abracadabra Cauldron contracts on Ethereum, Arbitrum, Avalanche, BSC, and Fantom. Each event contains an `amount` field representing new MIM tokens borrowed. Events are tagged with chain information, pool address, transaction details, and standardized business classification metadata. All amounts are treated as positive values representing debt increases.
- **Key fields**: `amount` (borrowed MIM tokens), `pool_address` (Cauldron contract), `block_timestamp` (event timing), `chain` (source blockchain)

### Component B: Repay event extraction  
- **Purpose**: Captures MIM debt repayment events that reduce outstanding supply
- **Logic**: Extracts `LogRepay` events from Abracadabra Cauldron contracts across all supported chains. Each event contains an `amount` field representing MIM tokens repaid. Events include the same metadata structure as borrows but represent debt reductions. All amounts are treated as negative values in the outstanding supply calculation.
- **Key fields**: `amount` (repaid MIM tokens), `pool_address` (Cauldron contract), `block_timestamp` (event timing), `chain` (source blockchain)

### Component C: Interest accrual extraction
- **Purpose**: Captures additional MIM debt created through interest accumulation
- **Logic**: Extracts `LogAccrue` events from Abracadabra Cauldron contracts that record interest charges. Each event contains an `accruedAmount` field representing additional MIM debt from interest. These events are treated similarly to borrows as they increase the total outstanding supply. Interest accruals are combined with borrow events as positive amounts in the supply calculation.
- **Key fields**: `accruedAmount` (interest-generated MIM debt), `pool_address` (Cauldron contract), `block_timestamp` (accrual timing), `chain` (source blockchain)

### Component D: Debt change aggregation
- **Purpose**: Combines all debt-affecting events into a unified dataset for supply calculation  
- **Logic**: Unions borrow events and interest accruals as positive amounts (mints), while repay events are treated as negative amounts (redemptions). All events are normalized to reference Ethereum as the chain since MIM is not natively minted on other chains. Events are aggregated by day using timestamp truncation, and decimal precision is corrected using token metadata to ensure accurate amount calculations.
- **Key fields**: `amount` (net debt change), `timestamp` (daily aggregation), `token_address` (MIM contract address), `chain` (normalized to ethereum)

### Component E: Outstanding supply calculation
- **Purpose**: Calculates cumulative outstanding MIM supply over time
- **Logic**: Groups daily debt changes by chain and token, then applies a cumulative sum using window functions partitioned by chain and token address, ordered by timestamp. This creates a running total of outstanding supply for each day. Missing days are forward-filled to maintain continuity in the time series, ensuring the outstanding supply value persists until the next transaction occurs.
- **Key fields**: `outstanding_supply` (cumulative MIM debt), `timestamp` (daily values), `chain_id` (ethereum), `token_address` (MIM contract)

### Final aggregation
- **Combining components**: Outstanding supply values are summed across all chains and products using simple aggregation, though in practice all values are already normalized to the Ethereum chain
- **Currency conversion**: Outstanding supply amounts are converted to USD using end-of-day MIM token price feeds, with conversion applied after decimal correction to ensure accurate pricing
- **Time aggregation**: All calculations use daily boundaries with timestamp truncation, and forward-filling ensures no gaps in the time series
- **Final calculation**: The final TVL equals the sum of all outstanding supply values across chains and products, converted to USD, representing the total value of MIM stablecoin debt outstanding in the Abracadabra protocol

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Abracadabra.moneySPELL

Total value locked

Total value locked

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