Spell Token

What is SPELL and how Does It Work?

Abcadabra is a protocol situated on the Ethereum blockchain that provides lending and borrowing facilities. The protocol's native SIGNATURE, SPELL, is an ERC-20 token. Originally, SPELL tokens were distributed through various methods, such as airdrops, liquidity mining, and community incentives. The distribution of SPELL's complete supply includes: 71% allocated for community reserve, 10% dedicated to team vesting and founding members, 9% set aside for marketing collaborations and ecosystem growth, 5% allocated for advice and early supporters, and 5% allocated for liquidity mining incentives. The system incorporates smart contracts, including the Protocol contract, Contract Handler contract, and the Asset Handler contract. Users can use stablecoins as collateral to borrow other assets, with lending rates determined by market demand and supply. Providing liquidity to the protocol's markets offers users the opportunity to receive SPL tokens. In addition, owning SPELL tokens grants you the ability to participate in protocol governance, propose changes, and vote on modifications after a three-day voting period. Abcadabra, built using Compound Finance's open-source codebase, allows for on-chain lending and borrowing, increasing transparency. Detailed information about the protocol and its components can be found in the project's documentation. The project welcomes code reviews and contributions on its GitHub repository, focusing on accommodating developers. The Abracadabra team has expertise in blockchain development and finance, working tirelessly to create a direct lending and borrowing experience through the Ethereum blockchain. Ultimately, the protocol enables users to leverage their collateralized coins to gain access to various tokens.

The Vision and Mission Behind SPELL

SPELL serves as the governance and utility token of Magic Internet Money (MIM). Holders gain the opportunity to participate in protocol rules and utilize specific features within the system. Utilizing SPELL forms part of the decision-making processes. SPELL can be accessed by providing liquidity and engaging in selected protocol procedures, consequently drawing in traders. Features like the yield multiplier effect, contingent on the amount of SPELL you possess, provide influence over the result of protocol activities. As a SPELL token holder, staking options exist within the capabilities of the system. However, outcomes can be influenced by protocol conditions and voting results.

How to Buy and Store SPELL?

To purchase SPELL, Flooz.xyz offers a streamlined process. Traders can purchase the SPELL token via Flooz.xyz, which offers a one-stop solution using a smooth checkout, without the need to own a wallet. Tap tap go! All payment methods are supported. Using Flooz self-custodial web wallet, you ensure seamless SPELL transactions, including storing, sending, and receiving tokens. You can create a self-custodial wallet directly on Flooz using your email, Google, and Apple ID in a matter of seconds. This also ensures that you have access over your funds at all times, thanks to the power of cryptography. Flooz.xyz aggregates more than 50+ providers to ensure you with the fastest and cheapest payment routes for your trades. This seamless and optimized trading experience has captivated over 85,000 active traders on Flooz.xyz.

SPELL Metrics:

• Current price: $0.0008

• Market cap: $119.48 M

• All-time high: being indexed (being indexed)

• All-time low: being indexed (being indexed)

• Daily trading volume: $8.83 k