Spell (SPELL) Price
SPELL is only available to store
This asset is currently unavailable to trade on Gemini. You can store SPELL and transfer it with a compatible external wallet.
About Spell (SPELL)
SPELL is used as the governance token for the Abracadabra.money decentralized platform. Abracadabra employs interest-bearing tokens as collateral in the minting Magic Internet Money (MIM), a USD-pegged stablecoin. Interest-bearing tokens able to be used as of February 2022 as collateral include liquidity provider (LP) tokens from Convex, Curve, Yearn, among others. The loan liquidation process on Abracadabra differs from other stablecoin/lending protocols like MakerDAO, in that each collateralized debt position (CDP) and its liquidation price are unique. Should the liquidation price for any specific CDP be crossed, a liquidator can purhcase the position by paying off the outstanding MIM.
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About Spell (SPELL)
SPELL is used as the governance token for the Abracadabra.money decentralized platform. Abracadabra employs interest-bearing tokens as collateral in the minting Magic Internet Money (MIM), a USD-pegged stablecoin. Interest-bearing tokens able to be used as of February 2022 as collateral include liquidity provider (LP) tokens from Convex, Curve, Yearn, among others. The loan liquidation process on Abracadabra differs from other stablecoin/lending protocols like MakerDAO, in that each collateralized debt position (CDP) and its liquidation price are unique. Should the liquidation price for any specific CDP be crossed, a liquidator can purhcase the position by paying off the outstanding MIM.
Spell Cryptopedia articles
Spell links and resources
Abracadabra website
Abracadabra technical documentation
Frequently asked questions
Spell Token
SPELL is an ERC-20 token, and serves as a governance and incentive token within the Abracadabra ecosystem. The SPELL token’s primary use cases are (1) governance in the Abracadabra protocol and (2) fees earned from the protocol.
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