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What is Spell?
Spell Token, denoted as SPELL, is the governance and revenue-sharing token associated with Abracadabra.money, a decentralized lending platform. It plays a key role in incentivising liquidity on lending markets, allowing holders to participate in governance, and influencing protocol parameters.
How does Spell work?
Spell operates within the Abracadabra.money ecosystem by enabling users to leverage interest-bearing tokens as collateral to borrow Magic Internet Money (MIM), a USD-pegged stablecoin. SPELL can be used for staking, governance participation, and earning a portion of platform fees generated from activities like borrowing and liquidations.
What are the potential use cases for Spell?
SPELL's use cases include facilitating decentralized lending, yield farming through staking liquidity pool tokens, participating in governance decisions, and providing liquidity across DeFi platforms. Spell Token also integrates with various services like SushiSwap and Curve Finance to improve liquidity provision and reduce systemic risk.
What is the history of Spell?
Launched in May 2021, SPELL serves the Abracadabra.money platform and was co-founded by figures like Daniele Sesta. Significant milestones include its launch, the integration with SushiSwap's Kashi Lending Technology for isolated lending markets, and the introduction of yield farming opportunities. The platform has seen various integrations to bolster its lending and liquidity provision capabilities.
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Frequently Asked Questions (FAQs)
What is the current price of Spell (SPELL)?
The Spell price is $0.00149133 AUD, representing a -10.78% from the day prior.
Where is the best place to buy Spell (SPELL) in Australia?
The best place to buy Spell (SPELL) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Spell (SPELL) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Spell (SPELL)?
The trading volume of Spell (SPELL) is $167.6M AUD in the last 24hrs, representing a -10.78% from the day prior.
How can I buy Spell (SPELL)?
Spell (SPELL) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Spell (SPELL)?
The current market cap of Spell (SPELL) is $227.6M AUD.
Can I convert Spell (SPELL) to cash?
Yes - With Coinstash you can convert your Spell (SPELL) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Spell (SPELL) are there?
The current circulating supply of Spell (SPELL) is 154.7B.
Is Coinstash a safe place to buy Spell (SPELL) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Spell (SPELL) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.