Abracadabra Money is an innovative lending platform that can be used to convert interest-bearing tokens into Magic Internet Money (MIM) stablecoins, which can then be exchanged for other major stablecoins, such as USDT, DAI and USDC.
Spell Token 7 key point overview:
- ✔️What is Abracadabra Money
- ✔️Who created Abracadabra Money?
- ✔️Features of Abracadabra Money
- SPELL Tokenomics
- How to buy SPELL
- Top 3 SPELL wallets
- What we like about Abracadabra Money
What is Abracadabra Money
👉 Interest-bearing tokens, commonly known as iTokens or ibTKNs, accumulate interest the longer you hold them and represent a share in a lending pool.
👉 These tokens can be traded and used as collateral on certain platforms, such as Abracadabra Money, or they can be stored in cold storage.
👉 Abracadabra Money accepts tokens like xSUSHI, yvUDST, yvWETH and others as collateral and allows users to borrow MIM, which is the interchangeable Abracadabra Money stablecoin.
Who created Abracadabra Money?
👉 It appears that there is currently limited information available on who the developers and founders of Abracadabra Money are, but The anonymity around the Abracadabra team does not raise immediate concerns.
👉 For a decentralized protocol, having no specific “owner” makes users feel like it is truly decentralized and it is not necessarily intended to deceive the public.
Features of Abracadabra Money
👉 Abracadabra Money uses Kashi, which is an isolated risk market where users have more control and freedom, and where the risk tolerance levels and collateral ratios of assets can be adjusted individually.
👉 The Abracadabra Money lending markets are available on several major chains, including Ethereum, Binance Smart Chain and PancakeSwap.
👉 How Abracadabra is used will depend on where assets are being stored and which chain offers the desired liquidity, and the MIM bridge can be used to “teleport” coins between different chains.
👉 Degenbox is a unique program created by Abracadabra Money that is designed to implement and execute strategies that enable the acceptance of non-interest-bearing tokens and to automatically enhance the performance of assets.
👉 Abracadabra Money uses 2 tokens, one being a stablecoin (MIM) and the other being a governance token (SPELL).
👉 SPELL token is Abracadabra Money’s main governance token and it must be staked to earn sSPELL tokens, which then gives users voting rights and allows them to claim protocol-generated fees.
👉 This is an ERC20 token that is hosted on the Ethereum blockchain, and there is a maximum apply of 420 billion SPELL tokens.
How to buy SPELL
👉 The easiest way to obtain SPELL is by purchasing it from an online exchange, such as Coinbase Exchange, Binance or SushiSwap.
👉 Once you have created an account with your preferred exchange, your account needs to be funded, which will allow you to purchase digital assets and transfer them to your crypto wallet for storage.
Top 3 SPELL wallets
👉 Based on research, we have compiled a list of the top 3 wallets that are compatible with the Abracadabra Money ecosystem and suitable for storing SPELL coins.
👉 Ambire wallet is a non-custodial software wallet with email authentication and hardware wallet support for Ledger and Trezor.
👉 This wallet offers one-click access to DeFi protocols and supports thousands of ERC20, BEP20 and Polygon tokens.
👉 Infinity wallet is a user-friendly, multi-purpose crypto wallet that can be used to send, receive and manage assets and allows users to monitor markets and historical data directly from the app.
👉 It supports many wallets and assets and offers a built-in exchange.
👉 The Ledger hardware wallet is available in the Nano S and the Nano X models and using Leder Live, you can buy and exchange over 5,000 coins and tokens.
👉 This wallet offers secure offline storage, it is compatible with 50 third-party wallets and can store up to 100 dApps.
What we like about Abracadabra Money
👉 What we like most about Abracadabra Money is the way it allows the holders of interest-bearing tokens to use their assets as collateral to easily obtain other stablecoins, instead of these coins simply sitting idle in lending pools and not performing to their fullest potential.
👉 Abracadabra Money has developed an innovative and unique lending mechanism for yield-bearing digital assets and we look forward to seeing how this DeFi 2.0 protocol will expand over the next few years!