SPELL, the governance token of the Abracadabra.money decentralized lending protocol, is the 18Digits community’s biggest gainer for week 25, climbing 15,299 spots to rank 2,833, up from 18,132 last week. This article will discuss the Spell Token (SPELL) to help readers comprehend why the 18Digits voting community helped skyrocket the cryptocurrency.
Note: The material provided in this article is strictly for information purposes. The content is not intended to be taken as financial advice.
What Is Spell Token (SPELL)?
Spell Token (SPELL) is an ERC-20 token used as a governance and reward token within the Abracadabra.money decentralized finance (DeFi) protocol. As a DeFi platform, Abracadabra.money enables users to deposit interest-bearing tokens (ibTKNS) as collateral to borrow the USD-pegged Magic Internet Money (MIM). Abracadabra.money is powered by user-generated liquidity pools, allowing users to stake their liquidity provider (LP) tokens to farm SPELL. Users can also open leveraged farming positions by borrowing MIM from their interest-bearing collateral.
Abracadabra.money utilizes Kashi Lending Technology, the same protocol employed by SushiSwap. Kashi Lending Technology permits isolated risk markets, which means risk is not distributed across the trading pairs on the platform.
Spell Token (SPELL) Tokenomics
Half of the SPELL tokens were burned following the token creation event in May 2021, bringing the total supply down from 420 billion to 210 billion. From the initial 420 billion, the maximum supply is just over 196 billion. Out of a total quantity of 103.2 billion SPELL, 94.02 billion are now in circulation.
SPELL is currently valued at $0.001195, with a market capitalization of $115,079,106.86. SPELL has a current trading volume of $99,776,246.80 (Price index from June 26, 2022, according to CoinMarketCap).
Where Can You Buy Spell Token (SPELL)?
SPELL can be traded on several platforms, the most popular being Binance and Coinbase Exchange.
What Makes Spell Token Unique?
The isolated lending marketplaces of Abracadabra have spawned a rush of innovation in decentralized finance (DeFi) lending thanks to the Kashi Lending Technology launched by SushiSwap. Everyone does not share the risk in a solitary lending market. Users can offer liquidity for any token, and just that currency pair, not the entire platform, is impacted if the liquidity of that currency pair is lost or the smart contract is damaged. Due to this, Abracadabra can offer several pairs not typically offered by other decentralized exchanges (DEXs).
VOTE NOW: On the 18Digits platform, you can sign up for free or log in to support your favorite cryptocurrencies by voting weekly.
