Spell Token company info

What does Spell Token do?
Spell Token (CRYPTO:SPELL) is the governance token for the Abracadabra.money protocol, a decentralized lending and stablecoin platform. SPELL holders can participate in the governance of the protocol and earn rewards from the protocol's fees. SPELL holders are working on a number of proposals, including expanding the range of collateral assets, developing new features, and partnering with other blockchain projects. The overall objective of the SPELL token project is to make it easier for people to access decentralized lending and stablecoin services.
Spell Token company media
Company Snapshot

What is the market cap for Spell Token?

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Market Cap
$100.95M

What year was Spell Token founded?

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Year Founded
2021
What does Spell Token specialise in?
/Arbitrum Ecosystem /DeFi 2.0 /Olympus Pro Ecosystem /Protocol-Owned Liquidity

What are the products and/or services of Spell Token?

Overview of Spell Token offerings
Collateral: SPELL tokens can be used as collateral to mint MIM, the Abracadabra.money protocol's stablecoin.
Governance: SPELL token holders can participate in the governance of the Abracadabra.money protocol by voting on proposals and submitting feedback.
Leverage: SPELL token holders can use leverage to borrow more MIM than they have in collateral. This allows users to amplify their gains, but it also increases their risk of liquidation.
Rewards: SPELL token holders can earn rewards from the Abracadabra.money protocol's fees. These rewards are paid out in MIM, the protocol's stablecoin.
Staking: SPELL token holders can stake their tokens to earn additional rewards. Staked SPELL tokens are used to secure the Abracadabra.money protocol.
Yield farming: SPELL token holders can participate in yield farming by providing liquidity to Abracadabra.money's lending pools. Yield farmers earn rewards in SPELL tokens and other cryptocurrencies.