Spell Token (SPELL) Price

How Does Abracadabra Money Work?

Abracadabra Money is a leverage and crypto lending platform that utilizes interest-bearing tokens (ibTKNs) as collateral to borrow the omni-stablecoin MIM (Magic Internet Money). The platform focuses on offering decentralized finance services like borrowing, leveraging, staking, and token swapping.

Abracadabra Money employs a triple-token model:

• SPELL Token – it is the primary native token that also offers a reward mechanism and a source of passive income via staking;

• sSPELL – this token is earned by staking SPELL Token;

• MIM –decoded as Magic Internet Money, MIM is necessary for lending on the Abracadabra platform.

Kashi Lending technology pioneered by a decentralized exchange Sushiswap, powers the Abracadabra network to provide isolated lending markets. This technology allows users to adjust their risk tolerance according to the collateral they decide to use.

The Abracadabra money network offers different farming opportunities where users can stake their LP tokens to farm SPELL Token. This mechanism is used to keep deep liquidity on particular pairs.

Users contribute to a liquidity pool and engage in farming SPELL tokens. By locking their assets in the pool, they receive SPELL tokens. The allocation of SPELL emission to each farm is adjusted weekly based on market dynamics.

The network also incorporates a SPELL fee pool, where interest fees, borrowing fees, and 10% of liquidation fees are collected. Users can stake their SPELL tokens in this pool and receive sSPELL tokens, which continuously compound.

Furthermore, users have the option to open leveraged positions by depositing MIM tokens, enabling them to borrow additional MIM and earn higher yields. With its multi-chain capability, MIM can be conveniently bridged via Multichain (formerly AnySwap) and can also be swapped with other stablecoins through Curve Finance.

To keep track of the price of SPELL today, you can safely rely on Changelly. It is a global crypto exchange where users can perform a variety of activities with digital assets, including buying, selling, and swapping. Use Changelly to get the latest data on the SPELL token statistics or buy crypto with traditional money instantly.

What Blockchains Does Abracadabra Support?

Abracadabra is a multi-chain protocol supporting SPELL Token on Ethereum, Avalanche, Fantom, and Arbitrum blockchain systems.

Ethereum is a popular blockchain technology for DApp developers, transitioning from proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism.

Avalanche uses a DAG protocol where all nodes process and validate transactions.

Fantom has its proprietary consensus mechanism for higher capacity and quick transaction finalization.

Arbitrum is an Ethereum layer two scaling solution using optimistic rollups for faster transactions and minimal gas fees.

Changelly lets you view the current SPELL Token price and easily buy SPELL Token.

What is SPELL Token?

SPELL is an Ethereum token (ERC20 standard) used within the Abracadabra network. It is used for incentivization purposes, rewarding users for their participation. By staking SPELL tokens, users can receive sSPELL tokens, which are utilized for fee-sharing and governance within the network.

The total supply of SPELL has been reduced from 420 billion to 210 billion after token generation through a burn event.

The token distribution looks like the following:

• 63% (132.3B SPELL): global farming incentives

• 30% (63.0B SPELL): team allocation (4 year vesting schedule)

• 7% (14.7B SPELL): initial DEX offering

SPELL will follow a ten-year halving model, which will cut in half the rewards distributed every year. 50% of team tokens are to be issued in the first year, 25% in the second, and 12.5% in the third and fourth years.

New 114,688,305 SPELL tokens are emitted weekly into the circulating supply. SPELL is also used as a governance token, with token holders having voting power according to how much they have staked. Bridging of these tokens is facilitated through the Anyswap Network.

View the SPELL Token price and detailed SPELL market information on the interactive chart above.

What Is sSPELL Token?

sSPELL (can be decoded as staked SPELL) is another functional token within the Abracadabra network that is obtained by staking SPELL tokens. It has multiple functions within the network, including fee-sharing and governance. Users can stake their SPELL tokens to receive sSPELL tokens, which represent their share of the SPELL fee pool. The sSPELL tokens continuously auto-compound, and when users unstake, they receive their original SPELL tokens along with any additional SPELL earned from the fees. Additionally, sSPELL tokens allow holders to participate in the network's governance activities.

What Is MIM Token?

The MIM token is a USD pegged stable coin within the Abracadabra network. Its role is to maintain a price peg to the USD by utilizing arbitrage mechanics. Users can buy MIM at a discount to repay their debt if it is trading below $1 USD, which will cause the price to rise.

On the other hand, users can open a position by selling borrowed MIM if it is trading above $1 USD, which will lower the price. Market to Market arbitrage is often done by automated bots to capitalize on these price differences, ensuring that the price peg is corrected rapidly. MIM tokens are minted and injected into circulation after users deposit collateral.

Why Abracadabra Money?

Abracadabra's isolated lending markets, made possible by Kashi Lending Technology from SushiSwap, have revolutionized DeFi lending.

In an isolated lending market, the risk is not shared collectively. Users can provide liquidity for any token and if the currency pair loses its liquidity or the underlying smart contract malfunctions, only that pair will be affected and not the entire platform. Abracadabra leverages this feature to offer unique pairs that are not commonly supported by other DEXs.

Furthermore, this technology allows users to multiply their leverage by borrowing against their interest-bearing token positions and borrowing again against the borrowed stablecoin. These actions can be performed in a single transaction, reducing the gas fee for the user.

In addition, users can farm SPELL tokens by providing liquidity within various pools. SPELL tokens can also be staked, enabling users to earn a portion of platform fees, including interest, borrowing fees, and a share of the liquidation fee for select markets. The staked tokens automatically compound these earnings.

To check live SPELL Token's price in the desired fiat currency, you can use our converter feature provided above.

What Is a Brief History of SPELL Token?

Launched in May 2021, Abracadabra Money is a cross-chain lending protocol that allows users to utilize their earned interest tokens in vaults (e.g., xSUSHI, yvUSDT) for capital utilization. While Abracadabra is not an official decentralized autonomous organization (DAO), it is governed through a Snapshot page.

The project is led by a co-founder known as "Squirrel," as well as Daniele Sesta, responsible for Popsicle Finance (a decentralized market-maker) and Wonderland (an OlympusDAO fork) operating on the Avalanche blockchain.

Access the live SPELL price and price history of SPELL token via a handy chart above. Changelly allows you to see the lowest price and highest price paid for the SPELL coin, along with the average price the crypto asset is traded today at.

What Is the Current Price of SPELL (SPELL Token)?

The cryptocurrency exchange Changelly offers an interactive SPELL-USD price chart that updates in real time. Know immediately the current SPELL Token price, as well as the market capitalization, 24-hour trading volume, and other vital parameters of the SPELL market performance.

Our SPELL Token price prediction may stand you in good stead if you need more information to support your investment decision when you intend to purchase or trade SPELL coins. Yet, conduct your own research and follow the latest SPELL Token news because our SPELL price forecast is not investment advice. The SPELL Token SPELL price can fluctuate radically and quickly.

Along with displaying the real-time SPELL Token price, our platform is also the best place to buy or sell SPELL coins for fiat money or swap SPELL for some other cryptocurrency.

Where to Buy SPELL Token (SPELL)?

A digital asset with an impressive market capitalization of almost 2 billion dollars, the SPELL cryptocurrency is available on numerous trading platforms and exchanges. With its super low fees, bank-grade security, and instant transition executions, Changelly is a comprehensive crypto exchange that ticks all the right boxes when you want to buy SPELL tokens or any other digital asset.