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.
Abracadabra.money 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.
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.
Currently, Abracadabra lending markets are only available on Ethereum Mainnet and Fantom. Abracadabra allows for the use of ibTKN with underlying stable coins as collateral with an MCR of 90%.
Abracadabra.money has 3 main tokens.
- SPELL: the protocol's token which is used for incentivization.
- sSPELL: obtained by staking SPELL tokens and used for fee-sharing and governance
- MIM: a USD pegged stable coin
The SPELL Token
Token Symbol: SPELL Total Supply: 210,000,000,000 SPELL (initial burn halved the supply)
- Token Burn
The total Supply of SPELL has been reduced from 420B SPELL to 210B SPELL by performing a unique token burn event. 210B SPELL was minted to the SPELL Contract itself.
SPELL Token Distribution:
45% (94.5B SPELL): MIM-3LP3CRV Liquidity Incentive
30% (63.0B SPELL): Team allocation (4 Year Vesting Schedule)
18% (37.8B SPELL): ETH-SPELL SushiSwap Liquidity Incentive
7% (14.7B SPELL): Initial DEX Offering
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Introduction to Abracadabra
Jul 23, 2022
Jul 23, 2022