About Spell Token
What is Spell Token (SPELL)?
Spell Token (SPELL) is a rewards token associated with abracadabra.money, a lending platform that uses interest-bearing tokens (ibTKNs) as collateral to borrow a dollar-pegged stablecoin called Magic Internet Money (MIM). Abracadabra uses Kashi Lending Technology, pioneered by SushiSwap (SUSHI), to provide isolated lending markets that allow users to adjust their risk tolerance based on the collateral they decide to use. Users can deposit collateral and use it to borrow MIM. Abracadabra also offers yield farming opportunities, where users can stake their tokens to become liquidity providers (LPs) to farm SPELL. This improves liquidity for certain crypto pairs, currently Ether (ETH)-Spell Token (SPELL) and Magic Internet Money (MIM)-LP 3pool Curve (3CRV). Additionally, users can also open leveraged positions in yield farming using MIM borrowed from their interest-bearing collateral.
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Article Source: CoinMarketCap
