Exchange Spell Token (SPELLAVAXC) at the Best Rates

Spell Token (SPELLAVAXC)AVAX-C

Instantly exchange Spell Token at the best price and with the lowest fees on StealthEX. Free from registration, fast, and limitless SPELLAVAXC swaps. You can see for yourself how convenient it is.

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Spell Token (SPELLAVAXC) Price Statistics

  • price
    price

    Price (USD)

    $0.00056462
  • supply
    supply

    Circulating Supply

    $150.7293B
  • volume
    volume

    Volume (24h)

    $19.5416M
  • marketcap
    marketcap

    Market Cap

    $85.1573M
  • dry
    dry

    Low/High 24h

    $0.00055164 - $0.00059754
  • change
    change

    Change (24h)

    -$0.0000029

Spell Token: The Magic of Crypto

The cryptocurrency world is all about making money off of your investments while developing a better financial ecosystem. What if there was a method to borrow tokens while still earning interest on your collateral? It’s like taking a bank loan for a house but getting paid rent for it every month. That can become a reality thanks to Abracadabra, a lending protocol with its native cryptocurrency called Spell Token. Let’s take a closer look at Spell Token and the overall concept of this magic protocol.

Abracadabra: Unique Principle Behind a Lending Protocol

Abracadabra Money is a DeFi lending platform that provides a number of automated strategies. It lets you deposit interest-bearing tokens from other protocols, such as Yearn Finance and Sushi as collateral in exchange for their own stablecoins. 

To provide lending services to traders, Abracadabra Money employs a technique that differs from that of most protocols. The strategy, known as ‘isolated lending market’, was initially deployed with Kashi, a SushiSwap-owned lending platform. Abracadabra can successfully leverage the use of interest-bearing tokens and eventually allow users to manufacture Magic Internet Money or MIM Tokens with an integrated OFT standard by leveraging isolated lending. 

The MIM token is a dollar-pegged stablecoin that is supported by ibTKNs and is an essential feature of the system. MIM coins are based on Ethereum and are issued by Ethereum multisig holders. The advantage of stablecoins is that they are not released into circulation until they have been collateralized. 

The amount of MIM users receive as a loan is determined mostly by two factors: the USDT collateral they have put down, and the loan-to-value (LTV) ratio. Abracadabra lending markets are available on Ethereum, Arbitrum, Fantom, Avalanche, and Binance Smart Chain. 

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 purchase the position by paying off the outstanding MIM.

What Is Spell Token?

The Abracadabra protocol's ecosystem includes two primary tokens. The first is SPELL coin, an ERC-20 token that serves as a governance and incentive token within the Abracadabra ecosystem, and the second is the mentioned-above MIM. The basic function of the Spell Token, among other things, is staking. SPELL, like most other Ethereum-based tokens, can be staked to achieve various rewards. Two examples are:

  1. Governance: Because the Abracadabra protocol is truly decentralized, the number of Spell Tokens you own determines how much influence you have over adjusting features like liquidation costs, collateral, and total value locked (TVL).
  2. Passive Income: When Spell Tokens are staked, users earn a percentage of the platform's trading fees. These costs are largely interest collected by users who borrow MIM. 75% of the fee goes to token holders; 20% goes to the governance treasury, which assists liquidity pools; and the remaining 5% goes to a multisig treasury, which helps manage risks when market conditions deteriorate.

Spell Token was introduced to the crypto world in May 2021, where 420 billion tokens were distributed. Subsequently, half of all the SPELL tokens were burned, resulting in the reduction of supply to 210 billion tokens. 

Farm: The Polymorph Spell and the Bridge

The Polymorph Spell is a ritual spell that allows users to summon additional SPELL tokens. Users can contribute liquidity to the Curver Finance Magic Internet Money (MIM) pool and receive crvMIM3POOL tokens in exchange. These crvMIM3POOL tokens can then be used on the ‘Farm’ page of the Abracadabra Money magic book. 

This implies that users can still earn interest on their interest-bearing tokens (ibTKNs) on other platforms (for example, Yearn Finance). Furthermore, crvMIM3POOL tokens get interest on Curve trading fees. Users can now receive a return on these tokens, earning the platform's SPELL token. 

The Abracadabra Money magic book has a ‘Bridge’ page that works in tandem with Anyswap. Users can utilize the Bridge to move assets between multiple blockchains. Ethereum, Binance Smart Chain (BSC), Avalanche, and Fantom are examples. A cross-chain transaction takes between 10 and 30 minutes on average. However, Abracadabra Money notes that a substantial transfer of assets (e.g., one million or more Magic Internet Money (MIM) tokens) can take up to 24 hours. 

sSpell Token in the Ecosystem

To fully utilize the SPELL token, it must first be staked in the Abracadabra Money protocol. Users are then rewarded with sSPELL tokens. In users' wallets, sSPELL tokens will immediately replace and represent the SPELL token value. Furthermore, sSPELL tokens give users the ability to vote on changes to key protocol parameters. This could include fees for liquidation or future collateral choices. 

Users will also receive compounding interest on their stake if they possess sSPELL tokens. sSPELL tokens and SPELL tokens can be redeemed 1:1. As a result, if a user wishes to reverse the staking spell, they will regain their initial SPELL token investment plus any additional SPELL tokens accrued through fees over time. 

Spell Token Price Prediction: Is SPELL Token a Good Investment?

Overall, Abracadabra Money offers a novel application for the interest-bearing tokens (ibTKNs) that users acquire when earning yield on DeFi platforms such as Yearn Finance and SushiSwap. Furthermore, Abracadabra makes it extremely simple for anyone to obtain an instant completely collateralized loan and exchange the Magic Internet Money (MIM) token for a variety of popular stablecoins. All of this provides a solid base for the project’s future. When it comes to SPELL Token price predictions 2025 and beyond, you can also check out the detailed cryptocurrency analysis that was featured in the blog earlier.

How to Buy Spell Token?

StealthEX is here to help you buy SPELL crypto. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1200 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

Just go to StealthEX and follow these easy steps:

  1. Choose the pair and the amount you want to exchange. For instance, BTC to SPELL.
  2. Press the “Start exchange” button.
  3. Provide the recipient address to transfer your crypto to.
  4. Process the transaction.
  5. Receive your crypto coins.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.

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Spell Token (SPELLAVAXC)


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