SPELL is the magic token of Abracadabra, with a maximum supply of 42 billion tokens, currently launched on Ethereum. Many investors are not very familiar with this token and may not have even heard of SPELL; today, the editor of the cryptocurrency circle will take you closer to SPELL. Abracadabra.money is essentially a lending platform that uses interest-bearing tokens (ibTKN) as collateral to borrow stablecoins pegged to the US dollar, while SPELL serves as the token of this platform, which is used as collateral on the platform to obtain new sSPELL tokens.
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Guide to Buying and Trading SPELL
Step 1: Log in to the Matcha official website and go to the market page.
How to buy SPELL? Guide to Buying and Trading SPELL.
Step 2: Search for Spell Token's English abbreviation SPELL.
How to buy SPELL? Guide to Buying and Trading SPELL.
Step 3: Click on Trade to enter the purchase page.
How to buy SPELL? Guide to Buying and Trading SPELL.
Step 4: Fill in the purchase quantity, click Buy; if selling, fill in the selling amount and click Sell.
How to buy SPELL? Guide to Buying and Trading SPELL.
Comprehensive Introduction to SPELL
Spell Token (SPELL) is the governance token of MIM, represented by sSPELL, which is used for voting and fee sharing. Abracadabra is the governance platform above MIM and SPELL. SPELL is the magic token of Abracadabra, with a maximum supply of 42 billion. It is currently launched on Ethereum.
Functions of the SPELL Token
The main function of the SPELL token is to be staked on Abracadabra to obtain sSPELL tokens. This has several benefits:
They grant holders the voting rights to change platform parameters such as TVL, liquidity fees, future collateral coin options, etc., and they grant holders the right to claim fees generated by the protocol.
Protocol fees initially come entirely from the interest on borrowed MIM. As the debt is paid in MIM, fees are generated. Their distribution is as follows:
75% is used to purchase SPELL tokens, which then goes to sSPELL token holders.
20% is allocated to the governance treasury, which will be used to incentivize MIM liquidity pools.
5% is redirected to a multi-signature treasury, used when market conditions require intervention.
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Currently, many of your assets can only sit in your wallet and cannot be efficiently utilized. For example, locked in your capital in yVaults. Abracadabra can help you unlock these assets for capital flow.
The above is the detailed content on how to buy SPELL? Guide to Buying and Trading SPELL.