SPELL/USD (-4.12%)
SPELL is an ER-20 token running on the Ethereum mainnet, where it had its native deployment. It’s also available on Arbitrum, Avalanche, and Fantom, since the protocol where it runs is multi-chain. The coin supports the Abracadabra network together with MIM (Magic Internet Money), a stablecoin that maintains a value of $1.00.
As the lending protocol attracts the attention of investors in the crypto scene SPELL is enjoying growing popularity. You can buy and sell the Spell token at various exchanges listed at the bottom of the page. Owning SPELL contributes to the network's stability.
A Bit About Spell Token
It's necessary to understand how the Abracadabra ecosystem functions to grasp the role SPELL plays. The network operates on user-generated liquidity pools to facilitate lending and borrowing. It employs the Kashi Lending Technology, enabling it to offer isolated trading pairs.
Therefore, risks are limited to certain trading pairs, as opposed to the entire ecosystem. Abracadabra.money allows the deposit of collateral in interest-bearing tokens or ibTKNS.
While MIM is the stablecoin, SPELL is the reward token; both support staking, allowing holders to receive extra coins.
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The Abracadabra lending protocol created SPELL to encourage use and foster loyalty from users through yield farming, staking, and governance. 63% of Spell tokens go towards incentivizing specific LP pairs.
This is the portion of the distribution protocol that allows holders to earn liquidity rewards. The project instituted a 10-year halving model, meaning that the rewards given to users will decrease by half.
75% of Abracadabra's native coin was apportioned via an IDO, with half of the distribution on Sushiswap and the other half on Uniswap v3. 30% of SPELL’s total supply is for team members.
Utility of Spell Token?
A crypto coin's utility determines its investment value. When you know what you can achieve with SPELL, you can make an informed decision about owning it. The Spell native coin is not designed to solve problems, rather it's an incentive for crypto users to support and participate in the project. Although the token doesn't offer any unique purposes, understanding how to capitalise on it is critical. So, here are its main uses.
Staking
You can stake SPELL to earn sSPELL. As with most native coins, SPELL is ideal for passive income generation. You can acquire tokens and hold them for a particular period, which supports the network. In appreciation, the project repays you with more coins. Therefore, you generate an income without taking on the risks associated with trading. Staking generates sSPELL through protocol revenue distribution, where an asset holder gets a sphere of the fees the network collects. Consider staking if you are thinking about a long-term investment in SPELL.
Governance
Similar to most tokens, SPELL's primary objective, or at least one of them, is governance. As a coin holder, you get the chance to shape Abracadabra's DAO ecosystem. The project is not officially a decentralized autonomous organization. It's persistently working towards decentralization, and the community members are a big part of that.
Holding sSPELL, primarily earned from staking, gives you voting rights. SPELL/ETH Sushiswap LP tokens also afford you the same advantage. You qualify as a voter by holding tokens in your wallet, as collateral in the sSPELL lending market or in any alternative contract that Abracadabra recognizes. By submitting proposals and joining community discussions, you can have a say on the direction that the project takes.
Liquidity Rewards
Another reason to hold SPELL is for the rewards given to users who farm the token. Liquidity minimum is when users lock their coins in a liquidity pool, availing them for transactions. The network can quickly process transactions when it has sufficient LP tokens. In exchange, holders receive rewards. Since rewards are in SPELL, they qualify as passive income.
Spell Token Price details
ETH Contract address: 0x090185f2135308bad17527004364ebcc2d37e5f6
›› Details & Tokenomics
›› SPELL tokenomics and social media
Advantages of Spell Token
+ The token offers liquidity rewards for crypto holders who farm SPELL.+ You get to vote on project decisions as an asset holder and community member.
+ SPELL staking generates passive income through the different fees charged.
+ Halving the token supply increased its value.
+ The coin is available to use on multiple chains, including Ethereum.
Disadvantages
- Unlike MIM, SPELL isn't a stablecoin, which makes it deflationary.- The high volatility of the Spell token makes it too risky for long-term investment.
- SPELL doesn't have many uses beyond rewards and governance.
- Gas fees can be steep on the Ethereum network but it also runs on Solana and Avalanche.
- The token’s value relies heavily on the protocol’s performance.
Costs
▪ Rated at 10/10Although the Spell token doesn’t serve much transactional value, you still have to be aware of the fees charged when using it. When moving coins in and out of your wallet, you incur gas fees, which incentivize miners to process transactions.
The charges depend on how busy the network is. A quick look at the different exchanges that offer SPELL shows that most providers don’t have deposit fees. For withdrawals, some exchanges are free, while the highest one has a fee of $12. Trading fees range between 0.08% and 0.4%.
The exchange you pick for your Spell transaction influences most of these costs.
Reputation and Buzz
▪ Reputation rated at 8/10▪ Buzz rated at 7.5/10
Abracadabra’s unique approach in the crypto space is the driving force behind SPELL’s increasing popularity. DeFi is a rapidly expanding field, with investors seeking the best technology.
As Abracadabra continues to provide lending opportunities, crypto users are curious about the role that its native token plays. Despite having minimal value as a medium of exchange, the coin provides an interesting digital asset.
Its promising potential for growth makes the token worth watching. As for credibility, the fact that the Spell token is available on Ethereum says everything. The network is one of the most secure, thus offering users some assurance.
FAQ
How much is the Spell token (SPELL) worth?
The token's current price is $0.0012. Since the value of the crypto coins fluctuates according to the market, check real-time updates for the most accurate price.
What's the total supply of SPELL?
The token currently has a total supply of 210 billion, down from the initial 420 billion. A unique burn event saw the number of coins halved.
Who founded SPELL?
The founders of Abracadabra.money are anonymous, making it impossible to identify who created the native coin. Governance is through a snapshot page, and 10 pseudonymous users handle MIM minting through a 6/10 multi-signature contract.
History of Spell Token
May 2021 - The Spell token launches, providing a means for the Abracadabra ecosystem to encourage users to support the system.
November 2021 - A special burn event occurs, minting 210B SPELL into the token contract itself, ultimately turning it into a Burn Address.
September 2023 – SPELL hit its lowest price at $0.000384.
Screenshots from Spell Token
More sites where to buy/sell/trade Spell Token
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
Spell Token details and tokenomics
ARB Contract address: 0x3e6648c5a70a150a88bce65f4ad4d506fe15d2af
SOL Contract address: BCsFXYm81iqXyYmrLKgAp3AePcgLHnirb8FjTs6sjM7U
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