SPELL
No. 329Price
Markets
Market | Price | 24H Change | 30D Change | 24H Volume | 24H Value |
---|
-- | -- |
+17.36%
| -- SPELL | -- USDT |
Introduction
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1. Project introduction
Abracadabra money is a lending platform that uses interest-bearing tokens (ibTKNs) as collateral to borrow a USD pegged stablecoin (Magic Internet Money - MIM), that can be used as any other traditional stablecoin. Currently, a lot of assets, such as yVaults have locked in capital that can't be put to further use. Abracadabra offers an opportunity to use it.
Abracadabra has 3 main tokens:
(1) SPELL: the protocol's token which is used for incentivization.
(2) sSPELL: obtained by staking SPELL tokens and used for fee-sharing and governance.
(3) MIM: a USD pegged stable coin.
Abracadabra uses Kashi Lending Technology to provide isolated lending markets, that allow users to adjust their risk tolerance according to the collateral they decide to use.Abracadabra offers different farming opportunities where users can stake their LP tokens to farm SPELL tokens. This mechanism is used to keep deep liquidity on particular pairs. Farming is currently available on Ethereum for ETH-SPELL and MIM-3CRV LP tokens. Future incentivization programs for LP pairs can be voted on through the governance process when the governance portal goes live.
2. Application and distribution
Token application:
The protocol's token which is used for incentivization.
Token distribution:
Global Farming Incentives: 63% (132.3B SPELL)
Team allocation (4 Year Vesting Schedule): 30% (63.0B SPELL)
Initial DEX Offering: 7% (14.7B SPELL)
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