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Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards.
Spell Token is on the decline this week.
The price of Spell Token has fallen by 10.13% in the past 7 days. The price declined by 2.02% in the last 24 hours. In just the past hour, the price grew by 0.30%. The current price is $0.001045 per SPELL. Spell Token is 98.69% below the all time high of $0.08.
The current circulating supply is 101,558,496,595.863 SPELL.
SPELL is an Ethereum token that governs Abracadabra.money, a platform that lets users deposit collateral in the form of interest-bearing crypto assets (such as yvYFI, yvUSDT, yvUSDC, xSUSHI) in order to mint MIM, a stablecoin that attempts to maintain a value of US$1.00. SPELL can be staked to earn sSPELL, which grants governance rights and other rewards.
What Is SPELL Token (SPELL)?
(SPELL) is a governance of , a . A lending platform is simply a where traders lend and accept in exchange for interest. The platform uses an interest-bearing token as the collateral for lending. These are tokens of other protocols used as collateral to borrow of the platform, the MIM or Magic Internet Money. Essentially, the platform lets users borrow a stablecoin to swap for other stablecoins. The platform aims to optimize a user's portfolio who seeks to earn passively from cash flow generating assets.
Meanwhile, the collaterals that the user deposits in the platform are where the value of the token increases over time after the user makes an initial deposit. Thereby, the user earns more than what was deposited as the underlying assets' value increases. The platform uses these yield-bearing tokens from Yearn Finance (Yearn Vault) and Sushiswap platforms. Once the user deposits the collaterals in Abracadabra.money, the user receives stablecoin that the platform allots, called MIM or Magic Internet Money. Afterward, the user can exchange this MIM for other stablecoins that accept this denomination. Thus, users receive the MIM stablecoin by depositing collateral in the platform to exchange for another stablecoin.
For instance, assume a trader X who owns stablecoins worth $100,000 decides to deposit in an interest-bearing token like the Yearn Vault. Now, X holds the yv-version of the stablecoin that earns him interest. Later, X wishes to use this fund to purchase a car. This step is where Abracadabra.money comes into the picture. X deposits this fund to the platform and receives MIM, which is then used to pay for the car as, X can swap it to other stablecoins. Notably, the yield-bearing collateral is still increasing in value.
Further, when the user wishes to receive the collateral back, an equal amount of MIM and a percentage of interest is returned to unlock the tokens. As an interest-bearing token backs every MIM, the value of the underlying token determines the value of MIM, which the platform displays in a dashboard. To avoid the risk of of these collaterals, the team chooses interest-bearing tokens with a track record of improving value at a considerably better level than the interest rate on MIM debt. Simply because MIM has an interest, if the value of collateral does not improve for whatever reason, liquidations may occur.
Moreover, the technology provides this isolated lending market facility. Contrary to traditional , an isolated market does not share the risk collectively. Therefore, a token pair's risk face does not impact the whole platform. As a result, Abracadabra.money users adjust their risk tolerance based on the collateral they choose to utilize.
Further, the platform's token, , is an token used for staking and incentivization. This token generates sSPELL, another platform token for governance and fee-sharing. Thus, the platform has three tokens; MIM, SPELL, and sSPELL.
Apart from the stablecoin MIM, the platform has two other tokens, the SPELL and sSPELL. The primary function that the SPELL token offers is in the Abracadabra.money platform. Firstly, SPELL tokens are purchased using the protocol fees collected from the interest on MIM debt repayment. Out of the total protocol fees, 75% is used for SPELL token purchase, which goes to the sSPELL token holders.
The sSPELL token is a secondary token that users receive by staking the SPELL tokens, granting voting rights. Using voting rights, holders can make important decisions, such as future collateral liquidation fees, and implement several other parameters in the platform.
How Many SPELL Tokens Are Available?
The total supply of SPELL tokens was reduced to 210 billion SPELL from 420 billion SPELL through token burning. reduces the total supply, as it removes the coins from circulation. The of SPELL is 210 billion.
How to Buy SPELL Tokens
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Spell Token on social media.
Spell Token was mentioned in 218 out of 1,456,513 social media posts on Twitter and Reddit on Sep 24, 2022. 158 unique individuals are talking about Spell Token and it is ranked #315 in most mentions and activity from collected posts.
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What is the current price of Spell Token?
The price of 1 Spell Token currently costs $0.0010.
What is the market cap of Spell Token?
The current market cap of Spell Token is $106.13M. A high market cap implies that the asset is highly valued by the market.
What is the all time high of Spell Token?
The all-time high of Spell Token is $0.0800. This all-time high is highest price paid for Spell Token since it was launched.
What is the 24 hour trading volume of Spell Token?
Over the last 24 hours, the trading volume of Spell Token is $11.91M.
What other assets are similar to Spell Token?
How many Spell Token are there?
The current circulating supply of Spell Token is 102 billion.
What is the typical holding time of Spell Token?
The median time that Coinbase customers hold Spell Token before selling it or sending it to another account or address is 54 days.
What is the relative popularity of Spell Token?
Spell Token ranks 69 among tradable assets on Coinbase. Popularity is currently based on relative market cap.
What is the current trading activity of Spell Token?
Currently, 90% of Coinbase users are buying Spell Token. In other words, 90% of Coinbase customers have increased their net position in Spell Token over the past 24 hours through trading.
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