Spell Token (SPELL)

Spell Token is currently trading at $0.000632, after a price change of 3.95% in the last 24 hours.

Ranked as cryptocurrency #290 by capitalization today, SPELL market cap is valued at $67,826,235. SPELL trading volume reached $20,455,798 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on SPELL coin price prediction page.

What is Spell Token?

SPELL token is an incentive token on Abracadabra.money used to reward users for providing liquidity. Abracadabra.money is a decentralized finance protocol that uses interest-bearing tokens (ibTKNs) as collateral for accessing a dollar-backed stablecoin, Magic Internet Money. Abracadabra works as a multi-chain protocol and is hosted on Ethereum, Avalanche, Fantom, and Arbitrum. The token also powers governance aspects in that its staked version allows users to vote on the governance issues. 

There are 92.27 billion circulating SPELL tokens from a total supply of 103,214,939,480 and a hard cap of 196,008,739,620. Two hundred ten billion SPELL from the initial token supply were burned at the project’s inception. 63% of the tokens are allocated to farming incentives, 30% to the project team, and the remainder is allocated to a decentralized exchange initial offering. 

SPELL can be earned through yield farming, where users can receive SPELL for staking their Liquidity provider tokens. The token can be staked for sSPELL, for users to share in the protocol’s fee-sharing mechanism. The share comprises interest, lending fees, and 10% of the liquidation charges for specific markets. 

 Abracadabra is associated with Daniele Sestagalli.