Spell (SPELL)

Spell Token (SPELL) is a reward token linked to abracadabra.money, a lending platform that employs interest-bearing tokens (ibTKNs) as security to borrow Magic Internet Money, a USD-pegged stablecoin (MIM). Abracadabra offers separate lending markets that let customers modify their risk tolerance in accordance with the collateral they want to utilise by utilising the Kashi Lending Technology invented by SushiSwap (SUSHI). Users may put up security and borrow MIM using it. Users can invest their liquidity provider (LP) tokens in Abracadabra's yield farming chances in order to farm SPELL. Better liquidity is made possible for several cryptocurrency pairings as a result; at the moment, these pairs include Magic Internet Money (MIM)-LP 3pool Curve and Ether (ETH)-Spell Token (SPELL) (3CRV). Using borrowed MIM from their interest-bearing collateral, consumers may also create leveraged agricultural positions.

Abracadabra's isolated lending marketplaces have spawned a wave of innovation in decentralised finance (DeFi) lending thanks to the Kashi Lending Technology offered by SushiSwap. In a single loan market, the risk is not shared equally by everyone. Users can offer liquidity for any token, and if the liquidity of that currency pair is lost or the smart contract is damaged, only that currency pair is affected, not the whole platform. Due to this, Abracadabra is able to provide a number of pairings that are not typically offered by other decentralised exchanges (DEXs).

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