How to Buy a Spell Token (SPELL) in India?

By October 20, 20224 minute read

The Abracadabra.money is a platform for decentralized lending of money.  The platform’s ecosystem uses the ERC-20 token SPELL as a governance and reward token. Abracadabra mints Magic Internet Money (MIM), a stablecoin pegged to the USD, using interest-bearing tokens like CRV, CVX, and YFI as collateral. 

Owners of SPELL tokens have more influence over Abracadabra. Money and the opportunity to earn interest on the profit from lending. A total of 196 billion Spell Tokens are available, with 30% going to the currency’s creators and 63% going to global farming incentives. The remaining 7% goes to DEX  trade platforms.

What is the Spell (SPELL)?

The inefficiencies that plagued DeFi1.0 have returned with the debut of version 2.0, with capital inefficiency at the forefront. This issue is addressed by the lending protocol known as Abracadabra Money by using interest-bearing tokens like yvWETH, yvUSDC, and xSUSHI as collateral to borrow Magic Internet Money or MIM.

MIM is a stablecoin that replicates the stability of the US dollar and performs the same functions as almost all other stablecoins, such as DAI and Tether. Cash doesn’t have to be kept in the bank collecting dust with Abracadabra Money. 

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There are two principal tokens operating in the ecosystem of the Abracadabra protocol. The first is SPELL, the platform’s governance token, and the second is MIM (Magic Internet Money). The main advantage of the Spell Token is staking, among other things. SPELL can be staked, like most other tokens on the Ethereum platform, to get various advantages.

The number of Spell Tokens you possess will decide your influence over changing aspects like liquidation costs, collateral, and total value locked since the Abracadabra system is decentralized.

When Spell Tokens are staked, users receive a cut of the platform’s trading commissions. These charges include interest, typically made by users who borrow MIM. The fee is split as follows: 75% of it goes to token holders, 20% goes to the governance treasury to support liquidity pools, and the remaining 5% is held in a multi-sig treasury to assist reduce risk when market conditions deteriorate.

How to Buy SPELL Tokens in India?

By following a few simple steps, you can buy SPELL tokens in India via WazirX, India’s most trusted and widely used cryptocurrency exchange.

Now, you can buy SPELL tokens using P2P trade. Here are all your questions answered about P2P. 

Step 1 – Sign-Up on WazirX

To start trading the SPELL token, you should first create your account by signing up on the WazirX platform. Or you can directly Log-in if you already have an account with WazirX.

Here’s a guide explaining how to open an account on WazirX.

Sign-Up on WazirX

Step 2- Verify your email account and set up your account security.

The following step is to verify your email address. After signing up, you’ll receive a verification link on your email address by which you’ve just created your account.

On clicking on the link, you’ll have two options to assure the security of your account – the authenticator app and mobile SMS (as shown in the image below)

Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.

Sign-Up Verification on WazirX

Step 3 – Complete the KYC.

After selecting the appropriate country, complete the KYC process.

Note: Without completing your KYC, you will be unable to trade P2P or withdraw funds on the WazirX app.

Step 4 – Add funds to your WazirX account through P2P.

After linking your bank account to your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will work as funds to buy other coins. 

Step 5 – Buy SPELL on WazirX

You can purchase SPELL tokens using P2P trade through WazirX. Check the SPELL to INR rate from here and SPELL to USDT here

After logging in to your WazirX account, you can select USDT from the “Exchange” tab. You can see all the price charts, order book data, and an order input form on the right side of the screen.

Click “Buy” after entering the amount and checking the total USDT amount to be paid. 

Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.

It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the SPELL coins you purchased in your WazirX wallet.

Happy Trading!

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Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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