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Exchange Spell Token (SPELL)

If you're looking to swap Spell Token, SwapSpace is your one-stop shop. We have some light reading for you — in case you'd like a refresher on what is Spell Token, or some fresh information about SPELL’s price movements. And, of course, we provide you with multiple Spell Token exchange options so that you can choose the offer with the best rates and lowest Spell Token fees, as well as other parameters that suit you.

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Spell Token Price Stats

To help you make a decision about exchanging your Spell Token, we gathered some cold hard numbers: Spell Token price chart and other stats, such as Spell Token market cap.

SPELL 24H HIGH

SPELL 24H HIGH $0.00104309292652

SPELL MARKET CAP

SPELL MARKET CAP $145,345,505.472

SPELL CIRCULATING SUPPLY

SPELL CIRCULATING SUPPLY 150,499,425,220.752 SPELL

SPELL 24H LOW

SPELL 24H LOW $0.00094592342875

SPELL PRICE

SPELL PRICE $0.00096575455527

SPELL 24H VOLUME

SPELL 24H VOLUME $6,314,681.945

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Spell Token Price Chart

Here you can see the current price of Spell Token, as well as Spell Token price history.

What is Spell Token?

SPELL crypto refers to the native token of the Spell token ecosystem. SPELL is associated with the Abracadabra.money protocol, which is part of the larger OlympusDAO ecosystem. These projects aim to create algorithmic stablecoins and other DeFi products.

Abracadabra.money (often abbreviated as Abra) is a DeFi protocol built on the Ethereum blockchain that is designed to create and manage algorithmic stablecoins. Abracadabra.money was introduced as a DeFi project within the larger OlympusDAO ecosystem. It was created with the goal of providing a new approach to algorithmic stablecoins and expanding the DeFi ecosystem. Users can generate income by using their interest-bearing assets as collateral in return for stablecoin loans.

Abracadabra Money takes a unique approach by letting users deposit tokens that gain interest over time (called ibTKNs) as collateral. In return, the platform creates the liquid asset MIM. This enables users to enhance their yield farming positions by turning less liquid assets into more liquid ones. For instance, you can use illiquid yvUSDT tokens from the Yearn USDT vault as collateral on Abracadabra for a loan. Essentially, you could borrow up to 90% of the collateral value while still earning the annual percentage yield (APY) on your original deposit in Yearn. This process can be repeated continuously, converting MIM back into USDT to redeposit in Yearn for more APY and collateralization.

Thanks to SushiSwap's Kashi Lending Technology, Abracadabra has ignited a wave of innovation in decentralized finance (DeFi) lending within its isolated lending markets. In these isolated markets, risk is compartmentalized, meaning that if something goes wrong with a specific currency pair or smart contract, it doesn't impact the entire platform. This unique setup enables Abracadabra to offer a wide range of pairs that are not typically supported by most other decentralized exchanges (DEXs).

One notable feature of this technology is that users can amplify their interest-bearing token positions. They can borrow against their assets, and then borrow again against the borrowed stablecoin, creating multiple leverage loops. The beauty of this process is that it all happens in a single transaction, which means users only incur a gas fee once.

OHM is the native token of the OlympusDAO ecosystem and serves as the primary reserve currency. Abracadabra.money interacts with OHM to create its algorithmic stablecoin, Magic Internet Money (MIM). MIM is a decentralized, algorithmic stablecoin that is designed to maintain its peg to the US dollar (1 MIM = 1 USD) through algorithmic mechanisms. These mechanisms involve the minting and burning of MIM tokens to keep the price stable.

Meanwhile, SPELL plays a critical role in stabilizing MIM by being used to absorb excess MIM tokens when the price of MIM is above its peg, and it mints more OHM when the price is below the target. SPELL tokens can also be minted when the price of MIM is below the peg. This mechanism helps maintain the stability of the OHM stablecoin.

Abracadabra.money has a governance mechanism that allows token holders to participate in decision-making processes related to the protocol's development and changes. The governance token for Abracadabra.money is SPELL.

Alongside its governance privileges, the SPELL token also offers incentives to liquidity providers who contribute tokens to the Abracadabra pools. These incentives are distributed through yield farming and bonds.

You can earn Spell Token (SPELL) through liquidity provision in various pools. Additionally, SPELL can be staked, and staked tokens automatically accumulate a portion of the platform's fees, including those from interest, borrowing fees, and, in specific markets, 10% of the liquidation fees, all of which are auto-compounded.

SPELL has a total supply of 210 billion tokens and a circulating supply of 107,405,628,969 SPELL as of September 20, 2023.

SPELL token redistribution is structured as follows:

  • Global Farming Incentives (63%): These tokens serve as incentives for specific LP pairs and mining programs. This focused allocation strategy aims to maintain sufficient liquidity in various markets within the platform.
  • Team Allocation (30%): This portion of tokens is earmarked for the founding team members, providing them with a vested interest in the project's success.
  • IDO Distribution (7%): The initial supply of SPELL tokens was distributed to early project supporters through an Initial DEX Offering (IDO), ensuring a broad and diverse initial token distribution.

Average Fees on Spell

The fees associated with the SPELL oken and the Abracadabra.money platform could include the following:

Borrowing Fees: Users who borrow stablecoins using their collateral assets on the Abracadabra.money platform may be subject to borrowing fees. These fees can vary depending on the specific lending market and the platform's configuration. Borrowing fees are typically paid by borrowers as a cost of borrowing funds.

  • Liquidation Fees: In certain lending markets, when a user's collateral falls below a certain threshold, their position may be liquidated to repay the borrowed stablecoins. A liquidation fee may be charged in the process, and a portion of this fee may go to stakers or liquidity providers.
  • Swap Fees: When users swap tokens on the Abracadabra.money platform, there may be fees associated with these transactions. These fees are typically small and are paid by the user initiating the swap.
  • Gas Fees: Ethereum-based DeFi platforms like Abracadabra.money require users to pay gas fees to interact with the blockchain. These fees go to Ethereum miners and can vary depending on network congestion and the complexity of the transaction.

SPELL Token Wallets

SPELL tokens can be stored in a variety of crypto wallets, including MetaMask, MyEtherWallet, Trust Wallet, ledger Nano S/X, Trezor, Coinbase Wallet, Exodus, Atomic Wallet, Enjin Wallet, Infinito Wallet, Trestee, CoolWallet S, imToken, etc.

A Simple Way To Exchange Spell Token Here At SwapSpace

Step 1
Step 1

Choose a pair

Choose the cryptocurrencies you would like to exchange among more than 1650 coins and tokens. Pick them from drop-down menus. Type the number of coins you want to swap.

Step 2
Step 2

Select the best rate

You choose the rate – we do the magic! Pick up the exchange service by the rate which meets your requirements. Make sure you are okay with the selected service network fee and privacy policy: some of them require you to pass the AML/KYC procedure.

Step 3
Step 3

Transfer funds

Send the exact amount to the address provided and receive the crypto in your wallet within minutes. Don’t have a wallet yet? Our support will recommend a good one!

Step 4
Step 4

Receive your coins

You’ll get your coins in a few minutes! The exact time is a subject of various parameters such as blockchain network workload, transaction volume, our partners’ processing speed, etc. Concerned about your transaction? Check the swap tracker or feel free to contact the support: support@swapspace.co.

Exchanging Spell Token: SwapSpace’s Video Tutorial

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