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Abracadabra

SPELL

  • Lending
  • Stablecoin Protocol
  • DeFi
Established Year
2021
Operating Status
Active
Ecosystem
EthereumBNB ChainPolygonAvalancheFantomArbitrumOptimismKavaBlast
Abracadabra is a cross-chain stablecoin lending protocol that allows users to provide collateral in the form of various interest-bearing crypto assets, such as yvYFI, yvUSDC, xSUSHI, and more. With Abracadabra, users can use the interest-bearing tokens they get from staking in vaults as collateral to mint Magic Internet Money (MIM), Abracadabra's USD-pegged stablecoin, and use it for other purposes.

Financial Portfolio

Crypto Holdings

Current Holdings Count
3
Total Value
$ 379.52 K
Last Activity
521932 USDT
0xe6ee082f133e40a87394ffff39167083e91c2e865b10552200a4d920939d91d5
Holding Token
Current Price
Total Held
Total Value
$0.000547871764
0.00%
500000000$ 273.94 K
$0.26395820929
0.02%
400000$ 105.58 K
$0.560105322107
0.07%
3$ 1.68

Recent News

Frequently Asked Questions

What Is Spell Token (SPELL)?

[Spell Token](https://www.coinlive.com/coin/spell-token) (SPELL) is a reward [token](https://coinmarketcap.com/alexandria/glossary/token) associated with abracadabra.money, a lending platform that uses interest-bearing tokens (ibTKNs) as collateral to borrow a USD-pegged [stablecoin](https://coinmarketcap.com/alexandria/glossary/stablecoin) called [Magic Internet Money](https://www.coinlive.com/coin/magic-internet-money) (MIM). Abracadabra uses the Kashi Lending Technology pioneered by [SushiSwap](https://www.coinlive.com/coin/sushiswap) (SUSHI) to provide isolated lending markets that allow users to adjust their risk tolerance according to the collateral they decide to use. Users can deposit collateral and borrow MIM against it. Abracadabra also offers [yield farming](https://coinmarketcap.com/alexandria/glossary/yield-farming) opportunities, where users can [stake](https://coinmarketcap.com/alexandria/glossary/staking) their liquidity provider (LP) tokens to farm SPELL. This facilitates better liquidity for certain cryptocurrency pairs, currently [Ether](https://www.coinlive.com/coin/ethereum) (ETH)-Spell Token (SPELL) and [Magic Internet Money](https://www.coinlive.com/coin/magic-internet-money) (MIM)-[LP 3pool Curve](https://www.coinlive.com/coin/lp-3pool-curve) (3CRV). Furthermore, users can also open [leveraged](https://coinmarketcap.com/alexandria/glossary/leverage) farming positions using borrowed MIM from their interest-bearing collateral.