• Abracadabra is a multichain lending protocol that utilizes interest-bearing tokens as collateral to mint a USD-pegged stablecoin - Magic Internet Money (MIM).

  • SPELL is the native token of the project. The current use cases for SPELL include:

    • Staking: Users can stake SPELL to receive sSPELL for a share of the protocol revenue distribution. Protocol revenue is used to fund SPELL token buybacks at the market price, which are then distributed to the stakers.

    • Liquidity Mining: Users can provide MIM or SPELL to liquidity pools on DEXs such as Curve Finance and Sushiswap to earn SPELL and a share of the transaction fees.

    • Governance: sers will need to stake SPELL in return for sSPELL to vote on governance proposals.

  • The project consists of the following major components working in conjunction:

    • Magic Internet Money (MIM): It is a stablecoin that is pegged to 1 USD. Lending Market: Users can deposit collaterals to mint MIM. Abracadabra supports various types of collaterals include yield-bearing assets.

    • Multichain Bridge: Abracadabra is functional across five different chains: Ethereum, Binance Smart Chain, Fantom, Avalanche, and Arbitrum.

  • As at December 24th 2021, the maximum and total token supply of SPELL are 210,000,000,000 and 103,214,939,480 respectively. The current circulating supply is 78,631,292,347 (~37.44% of the maximum token supply).

  • Learn more about the token distribution of SPELL here.