What is Abracadabra.money (SPELL)? SPELL Token Details

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2021-10-26 08:38:33

Bringing each piece of the real-life puzzle into crypto and bringing crypto closer to everyone is always what any brother in the market wants. Abracadabra – a familiar mantra for millions of people around the world is being built as the foundation for the development of the Abracadabra.money project. In this article, CHK will provide you with detailed information including:

  • What is Abracadabra.money? What are the highlights of the project’s operating mechanism?
  • Detailed information about tokenomics and how to store, buy and sell SPELL Token.
  • Development roadmap and team, strategic partners of the project.
  • Some projects are similar to Abracadabra.money so that you can evaluate the development potential of this project.

Let’s find out together!

What is Abracadabra.money?

Abracadabra.money is a protocol that helps users improve capital efficiency from assets locked in vaults. Abracadabra.money supports users to provide liquidity on the platform to increase profits from features such as farming, borrowing, staking, swap, and bridge support for convenience when trading.

If you do not know, then Abracadabra is the mantra used to perform magic – “umm ba la talisman”. Protocol inspired by Harry Potter, borrow images of characters to assemble into the components involved in the project.

Project website interface: https://abracadabra.money/

Highlights of Abracadabra.money

Today, let’s open the magic book “Abracadabra.money” to “recall profits” to the wallet through SPELL token!

Abracabra supports some of the following yVaults:

  • yvWETH — WETH v2 Yearn Vault.
  • yvUSDC — USDC v2 Yearn Vault.
  • yvYFI — YFI v2 Yearn Vault.
  • yvUSDT — USDT v2 Yearn Vault.
  • xSUSHI — Staked SUSHI,…

You can use these yVault tokens to mint Magic Internet Money (MIM) – stablecoin USD – magic currency, and then use USD to continue trading.

Abracadabra aims to”all-in-oneIn the mechanism of operation, you and I learn through the following steps:

  • Step 1: Deposit collateral to the MIM3POOL pool.
  • Step 2: Borrowers choose the amount of assets they want to borrow and the interest rate.
  • Step 3: The MIM token is minted and sent to the borrower.
  • Step 4: You have the right to use MIM tokens to participate in staking, farming,…

Note: To get back the collateral, you need to return the borrowed MIM token and the pre-specified interest rate.

Some risks when participating in interactions on the project:

  • Liquidation risk: Is the underlying risk of all array-based protocols lending.
  • Smart contract bugs and exploits (exploit): A common DeFi problem.

Harry Potter is one of the best-selling series and also has the largest fan base.

In terms of community, Abracadabra has optimized and spread the “Harry Potter” energy to the brothers in a strong way. In addition, improving the efficiency of capital use is also an issue that attracts attention from the brothers, a form of “profit of profit”.

Is Abracadabra a potential future project? If you’ve read this far, you’ll probably have your own answer, please leave a comment below to see how “Harry Potter Crypto Story” will be written next!

Token Information Abracadabra.money (SPELL)

Key Metrics SPELL

  • Token Name: Abracadabra.money
  • Ticker: SPELL
  • Blockchain: Ethereum
  • Token Standard: ERC20
  • Contract: 0x090185f2135308BaD17527004364eBcC2D37e5F6
  • Token Type: Utility
  • Total Supply: 420,000,000,000 SPELL
  • Circulating Supply: 59,889,900,619 SPELL

SPELL Token Allocation

  • MIM-3LP3CRV LP tokens: 45%
  • Team allocation: 30%
  • SushiSwap ETH-SPELL LP tokens: 18%
  • IDO: 7%
SPELL Token Allocation

SPELL Token Sale

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SPELL Token Release Schedule

  • MIM-3LP3CRV LP tokens: Distributed to MIM-3LP3CRV.
  • Team allocation: Allocation in 3 years according to the ratio of years: 50%-25%-12.5%
  • SushiSwap ETH-SPELL LP tokens: Allocated in 2 years, first year 75%, next year 25%.
  • IDO: Allocation at IDO, half on Uniswap v3, and half on SushiSwap.

SPELL Token Use Case

SPELL is a token used to:

  • Project management: You can hold SPELL and participate in voting for parameters on the platform such as TVL, liquidation fees, collateral options,…
  • Making transaction fees on the platform.

How to earn and own SPELL Token

You can own SPELL tokens by buying on exchanges that support SPELL trading.

SPELL Token exchange & storage wallet

SPELL Token Storage Wallet – CHK Wallet

SPELL is an ERC-20 token and is supported on multiple chains, so it will be stored on CHK Wallet follow these steps:

Step 1: At the main interface, select Receive.

Step 2: Import SPELL in the search box.

Step 3: If you use many different wallets, you will choose the wallet you want to send SPELL tokens in.

Step 4: Copy wallet address and send SPELL token to this address.

Instructions for storing SPEEL Token on CHK Wallet

SPELL Token Exchange

SPELL tokens are currently available for purchase on the following exchanges: SushiSwap, Uniswap v3, MEXC, Gate.io and Trader Joe.

Roadmap & Updates

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Project team, investors & partners

Project team

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Investors

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Partner

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Similar projects

summary

Above is all information about the project Abracadabra.money and SPELL token so that you can have more knowledge when learning about the project as well as “skin in the game”. If you have any other questions, please comment below to discuss with CHK!

Don’t forget to subscribe and join CHK Insights’ groups and channels below to discuss with admins and other community members:

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