Spell Token (SPELL) is a reward token associated with Abracadabra.money, a lending platform that utilizes interest-bearing tokens (ibTKNs) as collateral to borrow a USD-pegged stablecoin known as Magic Internet Money (MIM). The platform employs Kashi Lending Technology, which allows for isolated lending markets, enabling users to adjust their risk tolerance based on the collateral they choose to use. Users can deposit collateral and borrow MIM against it. Additionally, Abracadabra provides yield farming opportunities where users can stake their liquidity provider (LP) tokens to farm SPELL, aiming to enhance liquidity for certain cryptocurrency pairs.

Spell Token operates within the Abracadabra.money platform, where it serves as a reward token. Users can stake their LP tokens to farm SPELL, which in turn aims to improve liquidity for specific cryptocurrency pairs. The platform's unique feature is its use of Kashi Lending Technology, which allows for isolated lending markets. This means that the risk is not shared collectively; if a currency pair loses its liquidity or if something happens to the smart contract, only that pair is affected, not the entire platform. SPELL can also be staked, and staked tokens may receive a share of the platform fees, which auto-compound.

The primary use case for Spell Token is within the Abracadabra.money platform, where it serves as a reward token. Users can stake their LP tokens to farm SPELL, thereby aiming to enhance liquidity for certain cryptocurrency pairs. SPELL can also be staked, and staked tokens may receive a share of the platform fees, which auto-compound. This mechanism seeks to encourage user participation and engagement within the platform. Furthermore, SPELL is used as a governance token, potentially providing users with voting power proportional to their staked amount.

Spell Token is associated with Abracadabra.money, a lending platform that uses interest-bearing tokens as collateral to borrow a USD-pegged stablecoin. Abracadabra is not an official decentralized autonomous organization (DAO) but is governed through a Snapshot page. The platform uses the Kashi Lending Technology pioneered by SushiSwap to provide isolated lending markets. The total supply of Spell Token was 210 billion, with 210 billion having been removed after token generation. The token distribution was as follows: 63% was allocated for global farming incentives, 30% for team allocation (with a 4-year schedule), and 7% for the initial DEX distribution.

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Assets that have a similar market cap to Spell Token include Clearpool, Comtech Gold, Brevis, and many others. To see a full list, see our comparable market cap assets.

The current circulating supply of Spell Token is 195 billion.

Spell Token ranks 78 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

Currently, 94% of Coinbase users are buying Spell Token. In other words, 94% of Coinbase customers have increased their net position in Spell Token over the past 24 hours through trading.

Yes, Spell Token is currently available on Coinbase’s centralized exchange. For more detailed instructions, check out our helpful how to buy Spell Token guide.