Coins
22,050
Market Cap
$2,589.69 B USD
24H Change

+0.32%

24H Volume
$44.95 B USD
Dominance
BTC: 50.33%, ETH: 16.52%
ETH Gas
4 Gwei

SPELL

Spell Token

SPELL

Add to Watchlist

$0.0008057 USD

N/A

(24H)

0.00000001209 BTC

-1.62%

(24H)

Spell Token Price Chart (USD)

Loading...

Market Cap (USD)

$116.56 M

24H VOLUME (USD)

$7.14 M

Circulating Supply

144.66 B SPELL

Max Supply

210 B SPELL

Total Supply

196.01 B SPELL

How does the market feel about Spell Token today?

Crypto.com

How do you feel about Spell Token today? Vote to see results

General Information

Social Channels

Contract Address

  • icon

    Ethereum

    0x090185f2135308bad17527004364ebcc2d37e5f6


  • icon

    Fantom

    0x468003b688943977e6130f4f68f23aad939a1040


  • icon

    Solana

    BCsFXYm81iqXyYmrLKgAp3AePcgLHnirb8FjTs6sjM7U


About Spell Token

Rank #416

Spell Token Price Summaries

Latest Data

Spell Token’s price today is US$0.0008057, with a 24-hour trading volume of $7.14 M. SPELL is +0.00% in the last 24 hours.SPELL has a circulating supply of 144.66 B SPELL and a max supply of 210 B SPELL.


What is Spell Token?

The SPELL Token is an ERC-20 governance token for the decentralised crypto lending platform Abracadabra Money, which employs interest-bearing tokens as collateral in the minting of Magic Internet Money (MIM), a USD-pegged stablecoin.

The loan liquidation process on Abracadabra Money differs from other stablecoin/lending protocols like MakerDAO in that it utilises interest-bearing tokens (ibTKNs) — a type of LP token — as collateral.

A brief history of Spell Token

Launched in May 2021, Abracadabra Money is a cross-chain lending protocol that enables its users to make use of the interest-bearing tokens they have earned in vaults (e.g., xSUSHI, yvUSDT) so that the capital can be utilised.

The project is run by a co-founder known only as "Squirrel,” along with Daniele Sesta, who is responsible for Popsicle Finance (a decentralised market maker) and Wonderland (an OlympusDAO fork), both of which are on the Avalanche chain.

Abracadabra Money has three main tokens:

SPELL: the protocol's token, which is used for incentivisation

sSPELL: obtained by staking SPELL tokens and used for fee-sharing and governance

MIM: a multichain stablecoin backed by interest-bearing tokens

SPELL is the native governance and staking token of the platform, and available on Ethereum, Fantom, Avalanche, and Arbitrum. It was distributed in May 2021, after which half of all SPELL tokens were burned, reducing the supply from 420 billion to 210 billion. A further 5.25 billion tokens were burned in January 2022.

How Spell Token works

SPELL is the native token of Abracadabra Money, a platform primarily built on the Ethereum blockchain and bridged to other networks like Fantom and Avalanche via AnySwap. It serves as a governance and incentive token within the Abracadabra Money ecosystem. Its primary use cases are governance and fees earned from the protocol (interest, borrowing, and 10% of liquidation for certain markets).

Holders of SPELL can stake their tokens to receive sSPELL, which grant holders voting rights and passive income from fees generated by the protocol. sSPELL tokens represent users’ shares of the SPELL fee pool with a mechanism similar to the SUSHI/xSUSHI model, with 10% of all liquidation fees hardcoded to be taken out and used to purchase SPELL tokens in certain markets. These SPELL tokens are also added to the SPELL fee pool, and 75% of the protocol’s revenue is used to buy back SPELL tokens, while 25% builds up a treasury.

Depending on the amount of ERC-20 sSPELL (staked SPELL) held, users can create new proposals for the protocol. The proposal threshold is 100 million sSPELL. Voting power is given by holding sSPELL tokens in the wallet, as collateral in Abracadabra Money's sSPELL lending market, or any other contracts recognised by the protocol; or with SPELL/ETH SushiSwap LP tokens deposited in Abracadabra Money's farm. Once a proposal is passed, the team considers whether or not to implement it.

What is Spell Token used for?

The main use of the SPELL Token is for the liquidity mining program in order to keep liquidity deep on Abracadabra Money's lending markets, with 63% (132.3 billion) of SPELL allocated to that purpose. Different lending pools have different levels of SPELL emissions. A total of 665,448,024 SPELLs are currently minted per week as of the time of writing.

Additionally, owners of SPELL can stake their SPELL tokens to obtain sSPELL, which represents users' share of the SPELL fee pool. When users unstake their sSPELL tokens, they receive their original SPELL Token plus any additional SPELL earned from the protocol fees generated.

More about Spell Token

Website

Where can you buy Spell Token?

trade astronaut

Buy on Crypto.com App

Sign up for an account in minutes to buy crypto using credit card or bank transfer.

appstoregoogle play
trade rocket

Trade on Crypto.com Exchange

Deposit crypto to our exchange and trade with deep liquidity and low fees.

Relevant resources

bulb icon

If you are new to crypto, use the Crypto.com University and our Help Center to learn how to start buying Bitcoin, Ethereum, and other cryptocurrencies.

bulb icon

To check Spell Token's price live in the fiat currency of your choice, you can use Crypto.com's converter feature in the top-right corner of this page.

The Spell Token price page is just one in Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies.

SPELL Price Statistics

Spell Token Price

$0.0008057

24h high / 24h low

N/A

7d high / 7d low

N/A

30d high / 30d low

N/A

90d high / 90d low

N/A

All-time high / All-time low

N/A

Trending

Currency Converter

Amount

SPELL

SPELL

1 SPELL = 0.0008057 USD

Rate is for reference only. Updated

General Information

Social Channels

Contract Address

  • icon

    Ethereum

    0x090185f2135308bad17527004364ebcc2d37e5f6


  • icon

    Fantom

    0x468003b688943977e6130f4f68f23aad939a1040


  • icon

    Solana

    BCsFXYm81iqXyYmrLKgAp3AePcgLHnirb8FjTs6sjM7U


SPELL Price Statistics

Spell Token Price

$0.0008057

24h high / 24h low

N/A

7d high / 7d low

N/A

30d high / 30d low

N/A

90d high / 90d low

N/A

All-time high / All-time low

N/A

Trending

Company

Copyright © 2018 - 2024 Crypto.com. All rights reserved.

Terms and Conditions

Privacy Notice

Status

Cookie Preferences

certificate: AICPA
certificate: SGS
certificate: SGS-27001
certificate: PCI-DSS
certificate: BSI