Spell (SPELL)
Spell is the native token of the Abracadabra.money ecosystem, a unique decentralized finance (DeFi) platform. It serves as the backbone for incentivization within the platform, playing a crucial role in its operations. Abracadabra.money is recognized for its innovative approach to DeFi lending, leveraging interest-bearing tokens to mint Magic Internet Money (MIM), a USD-denominated stablecoin.
The Abracadabra.money platform
How Abracadabra.money works
Abracadabra.money is an omnichain DeFi lending platform that capitalizes on the potential of interest-bearing assets. These assets are used as collateral to mint MIM, enabling users to access USD-denominated loans while their collateral continues to generate yield. This feature effectively unlocks the capital of various assets, allowing for more efficient financial management and liquidity access.
| Ticker | SPELL |
| Category | Decentralized Finance (DeFi) |
| Website | https://abracadabra.money/ |
| @MIM_Spell | |
| Telegram | abracadabramoney |
| Contract Addresses | |
|---|---|
| ethereum | 0x09...f6 Copied! |
| fantom | 0x46...40Copied! |
| arbitrum-one | 0x3e...afCopied! |
| avalanche | 0xce...14Copied! |
Staking and yield strategies
In addition to lending, Abracadabra.money offers staking strategies designed to enable non-yielding assets to earn yield effortlessly. This makes it possible for users to maximize their asset utility across various DeFi opportunities, enhancing the overall efficiency and profitability of their holdings.
Staking with Spell
sSPELL staking
The SPELL Staking page, accessible via Stake → SPELL, offers users the option to engage with sSPELL staking. It is important to note that while mSPELL can be utilized across multiple blockchain networks, sSPELL staking is exclusive to the Ethereum Mainnet. Users can choose to stake or unstake through a popup interface, where they can add or withdraw SPELL tokens from their position.
However, all sSPELL tokens are subject to a 24-hour lock-up period, meaning users must wait 24 hours before they can unstake deposited SPELL tokens. This ensures a level of stability and commitment from participants within the staking process.
mSPELL staking
mSPELL staking provides an alternative method for users to engage with the Abracadabra.money ecosystem. By staking their SPELL tokens, users earn stablecoin MIM income derived from the protocol's revenue. The fees collected from the lending markets are retained in MIM and distributed proportionally across different staking pools.
This distribution process mirrors that of the sSPELL pool, ensuring equitable sharing of MIM based on the amount of SPELL staked in each pool. mSPELL stakers have the flexibility to claim their MIM rewards at any time using the claim button. mSPELL staking is available on multiple networks, including Avalanche, Arbitrum, Ethereum, and Fantom Opera, providing users with diverse options for participation.