Abracadabra is a multichain lending protocol that utilizes interest-bearing tokens as collateral to mint a USD-pegged stablecoin - Magic Internet Money (MIM).
SPELL is the native token of the project. The current use cases for SPELL include:
Staking: Users can stake SPELL to receive sSPELL for a share of the protocol revenue distribution. Protocol revenue is used to fund SPELL token buybacks at the market price, which are then distributed to the stakers.
Liquidity Mining: Users can provide MIM or SPELL to liquidity pools on DEXs such as Curve Finance and Sushiswap to earn SPELL and a share of the transaction fees.
The project consists of the following major components working in conjunction:
Magic Internet Money (MIM): It is a stablecoin that is pegged to 1 USD. Lending Market: Users can deposit collaterals to mint MIM. Abracadabra supports various types of collaterals include yield-bearing assets.
Multichain Bridge: Abracadabra is functional across five different chains: Ethereum, Binance Smart Chain, Fantom, Avalanche, and Arbitrum.
As at December 24th 2021, the maximum and total token supply of SPELL are 210,000,000,000 and 103,214,939,480 respectively. The current circulating supply is 78,631,292,347 (~37.44% of the maximum token supply).
Learn more about the token distribution of SPELL here.