Spell Token update: SPELL Live price, price chart, news and markets

The SPELL price update as of now is $0.0007400. In the previous 24 hours, its trading volume was $5,096,611, and its value has decreased by -0.60%. As of now, SPELL's live market cap is $113,688,571, and it is ranked as the #383 on the Coincu. SPELL has a circulating supply of 340,508,733,796 and a maximum supply of 340,508,733,796.

Explore the Abracadabra (SPELL) Lending Protocol

Abracadabra.Money, known as Abracadabra, is an innovative lending protocol that allows users to deposit interest-bearing tokens and create a multi-chain stablecoin called Magic Internet Money (MIM).

MIM is a unique stablecoin pegged to the USD and functions similarly to other stablecoins. It is minted by multisig holders on the Ethereum blockchain and requires collateralization before circulation. In the future, MIM will connect to various other blockchains.

Abracadabra aims to help users maximize the profitability of their assets locked in Vaults through DeFi activities like Farming, Lending, Staking, and Swap. The protocol also offers a convenient Bridge feature for seamless interaction and transactions.

Understanding the Working of Abracadabra's Lending Protocol

Abracadabra uses Sushiswap's Kashi lending technology to provide a separate lending marketplace, offering users more flexibility in adjusting their collateral rates compared to traditional lending markets.

Here's how Abracadabra's lending protocol works:

Imagine you want to earn interest on $10,000 worth of USDT stablecoins. Firstly, you deposit the stablecoins into the yEarn USDT Vault on Yearn.Finance, which has an APY of around 2.1%. In return, you receive a yvUSDT token as a "receipt" for staking, along with a profitable token representing the staking deposit.

Next, you can use the yvUSDT tokens as collateral and borrow on Abracadabra. Since these tokens represent $10,000 worth of staking stablecoins, the interest rate will be approximately 0.8% per year, and you can borrow up to 90% of their value.

By this point, you earn 2.1% interest on your deposit, receive a loan at 0.8% per year interest, and obtain 90% of the initial value in MIM. In other words, you will have a working capital of $9,000 in MIM and earn a profit of 1.3% based on your initial investment.

You can continue to increase your profit leverage up to 10x using Abracadabra's lending engine. The protocol allows you to exchange MIM tokens into USDT and deposit them into yEarn, which offers an APY of 2.1%. This process can be repeated until you achieve the desired leverage.

The entire process is automated, and with a profit leverage of x10, your initial $10,000 deposit has the potential to earn the equivalent of $100,000 (excluding interest charges).

Discover the Outstanding Features of Abracadabra

Earn SPELL Tokens through Farming Opportunities

Abracadabra offers diverse Farming opportunities where users can stake their LP tokens and earn SPELL tokens. This mechanism helps maintain liquidity for specific token pairs. Currently, Farming is available on Ethereum for ETH-SPELL and MIM-3CRV LP token pairs. Additional token pairs will be added through a governance voting process once the Governance portal is live.

Stake SPELL Tokens

Users can stake SPELL tokens to earn sSPELL and participate in Abracadabra's fee sharing mechanism.

Effortless Stablecoin Swapping

The Swap feature enables users to conveniently exchange various stablecoins. Supported stablecoins include MIM, DAI, USDC, and USDT.

Data Analysis for Enhanced Insights

Abracadabra provides a powerful tool that allows users to interact with the platform and collect data on various aspects of their activities.

Expand across Multiple Chains with the Multi-Chain Bridge

Abracadabra operates on five different chains: Ethereum, Binance Smart Chain, Fantom, Avalanche, and Arbitrum.

Discover the Exciting Roadmap of Abracadabra

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