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What is Spell Token?
Spell Token is a cryptocurrency developed on the Ethereum platform (ERC 20), so it has the features of the Ethereum platform such as: using smart contracts, this coin works on the blockchain so transactions or transferring coins between one person to another are shown on the ledger and no one can forge or modify these transactions.
What are spell tokens used for?
The main function of SPELL token is staking on the Abracadabra platform and receiving sSPELL, in addition to some other functions as follows:
- First, Spell token holders have the right to vote to change platform parameters, such as TVL, Liquidation Fees, future collateral options, etc.
- Second, Spell token holders will be rewarded with a reward called (protocol fees) of all transactions on the platform according to a certain percentage.
Protocol fees, at launch, are obtained solely from interest on borrowed MIMs. When the debt is paid by MIM, the fee will be collected. They are distributed as follows:
- 75% is used to buy SPELL tokens and will go to sSPELL holders.
- 20% allocated to the admin treasury will be used to incentivize MIM liquidity pools.
- 5% is redirected to a high volume treasury to be used when market conditions require intervention.
Features of Abracadabra.money
Abracadabra supports several yVaults such as:
- yvWETH – WETH v2 Yearn Vault.
- yvUSDC – USDC v2 Yearn Vault.
- yvYFI – YFI v2 Yearn Vault.
- yvUSDT – USDT v2 Yearn Vault.
- xSUSHI – Staked SUSHI,…
The protocol supports users to use yVault tokens to mint Magic Internet Money (MIM) – Stablecoin USD and then use USD to make transactions.
Abracadabra with the goal of creating an aggregate platform that increases convenience for users. Users can manipulate mortgages and perform farming, staking,… on this very protocol. The specific steps are as follows:
- Step 1: Mortgage assets into the MIM3POOL pool.
- Step 2: Select the property you want to borrow and the interest rate.
- Step 3: The platform will mint the MIM token and send it to the borrower.
- Step 4: Users after receiving MIM can perform tasks such as farming, staking,…
However, we still need to be aware of some risks such as: liquidated collateral and Smart Contract bugs or exploitation.
Basic information about SPELL
- Token Name: Spell Token
- Ticker: SPELL
- Blockchain: Ethereum
- Token Standard: ERC20
- Contract: 0x090185f2135308BaD17527004364eBcC2D37e5F6
- Token Type: Utility & Governance
- Total Supply: 420,000,000,000 SPELL
- Circulating Supply: 59,889,900,619 SPELL
- MIM-3LP3CRV LP tokens: 45%
- Team allocation: 30% (unlock within 3 years at the rate of 50% – 25% – 12.5%)
- SushiSwap ETH-SPELL LP tokens: 18% (Unlock for 2 years at the rate of 75% – 25%)
- IDO: 7% (unlock on TGE, 50% on UniSwap – 50% on SushiSwap)
SPELL storage wallet
SPELL is an ERC-20 token, so you will have a lot of wallet options to store this token such as:
- Hot wallets: Coin98 Wallet, Metamask, MyEtherWallet, Mycrypto,…
- Cold wallets: Ledger, Trezor,..
- Exchange wallet.
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