Spell Token
Name
Spell Token
Summary
-Abracadabra is a multichain lending technology that uses interest-bearing tokens as collateral to create Magic Internet Money, a USD-pegged stablecoin (MIM).
-It is based on the Ethereum blockchain and uses AnySwap to connect to other networks like Fantom and Avalanche.
Rating
Symbol
SPELL
Overview
The Spell Token (SPELL) is a reward token linked to abracadabra.money, a lending platform that employs interest-bearing tokens (ibTKNs) as collateral to borrow Magic Internet Money, a USD-pegged stablecoin (MIM).
Abracadabra uses SushiSwap's (SUSHI) Kashi Loan Technology to create isolated lending markets that let users change their risk tolerance based on their chosen collateral.
Users can put up collateral and use it to borrow MIM. Users can farm SPELL by staking their liquidity provider (LP) tokens on Abracadabra's yield farming platform. Users can also use borrowed MIM from their interest-bearing collateral to launch leveraged agricultural positions.
Historical Price Movement (in INR)
Technology
Abracadabra Money is based on the Ethereum blockchain and uses AnySwap to connect to other networks like Fantom and Avalanche. Abracadabra Money uses Arbitrum for their L2 solution, bridged via AnySwap and Arbitrum's official bridge.
The lending component of Abracadabra Money is designed using Kashi Lending Technology to provide segregated lending markets, which might let users modify their risk tolerance depending on the collateral they choose. Abracadabra is linked to Curve's website for swapping, which may allow users to trade their MIM stable currencies for other stable coins.
Use of native tokens in the ecosystem:
SPELL is the project's native token. SPELL is now being used in the following:
Users can stake SPELL in exchange for a piece of the protocol revenue distribution.
SPELL token buybacks at market price are funded using protocol revenue and subsequently dispersed to stakers.
Users can earn SPELL and a percentage of transaction fees by providing MIM or SPELL to liquidity pools on DEXs like Curve Finance and Sushiswap.
Governance: For the spell to vote on governance proposals, users will need to stake SPELL.
Global farming incentives
63%
Team allocation
30%
Initial DEX offering
7%
Volume (27th March 2022)
$40,336,465
Total Supply
103214939480
Circulating supply
91.20B SPELL
Crowd Sales
NA
Country
NA
Name of Organization
Abracadabra.Money
Year Incorporated
2021
Registered Address
NA
Dispute Resolution and Governing Law
NA
Country Risk Assessment
NA
Founding Team
| Name | Designation | Education | Experience |
| Daniele Sestagalli | Co-Founder | NA | 10+ Yrs |
