What is Spell Token (SPELL)? | Spell Token Crypto Explained in Under 60 Seconds

2 years ago
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Spell Token (SPELL) is an ERC20 reward token for the Abracadabra protocol. $SPELL can be staked to receive sSpell tokens for governance power.

Abracadabra is a lending platform which uses interest-bearing tokens (ibTKNs) as collateral to borrow the USD pegged stablecoin Magic Internet Money (MIM).

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Isolated Lending Markets - Kashi Lending Technology is used to provide isolated lending markets. This allows users to adjust risk tolerance based on their collateral.

Magic Internet Money (MIM) - Users can provide interest bearing crypto assets as collateral to borrow MIM, which can then be swapped for any other traditional stable coin.

Farming - LP Tokens can be used to farm $SPELL on Abracadabra. Leveraged farming is also available using borrowed MIM from interest-bearing collateral.

Staking - $SPELL can be staked to receive sSPELL, and participate in the Abracadabra Fee Sharing mechanism, where staked tokens accrue a percentage of platform fees.

WEBSITE: https://abracadabra.money/

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