$0.000993
13.76%
$0.000854
24h Range
$0.001014
Market Cap
$156,424,552.1
Fully Diluted Valuation
$194,639,248.0
24 Hour Trading Vol
$119,889,557.5
Circulating Supply
157,525,163,143.1
Total Supply
196,008,739,620.0
Max Supply
∞
Spell Token Price
$0.000993
24h Range
$0.000854 - $0.001014
Percent Change 1h
2.71%
Percent Change 24h
13.76%
Percent Change 7d
-0.29%
All-time high
$0.035
All-time low
$0.000298
1D
7D
1M
1Y
All
Spell Token (SPELL) is the native utility token of the Abracadabra.money platform, which is a decentralized finance (DeFi) application that allows users to supply collateral in the form of interest-bearing tokens to mint a stablecoin called MIM (Magic Internet Money). Launched in 2021, SPELL is primarily used for governance, allowing holders to vote on proposals and changes to the protocol. As of 2024, SPELL has a market capitalization of approximately $1 billion, reflecting its growing significance in the DeFi space.
The founders of Spell Token are Daniele Sesta and other key contributors from the DeFi community. Daniele Sesta is well-known for his involvement in various protocols, including Yearn Finance. The development team behind Abracadabra is composed of experienced developers and professionals from the blockchain and finance sectors, all aiming to create innovative DeFi solutions.
Spell Token operates within the Abracadabra.money ecosystem, which leverages the power of collateralized debt positions (CDPs). Users deposit interest-bearing tokens (such as yDAI, yUSDC) as collateral, and in return, they can mint MIM, the platform’s stablecoin. The process is governed by smart contracts on the Ethereum blockchain, ensuring transparency and security. SPELL tokens can also be staked to earn rewards and participate in governance, where holders can vote on key protocol decisions like collateral types, interest rates, and new features.
When users mint MIM, they must maintain a collateralization ratio to avoid liquidation. The platform allows for a flexible ratio, typically around 100% to 150%, depending on the collateral type. Additionally, SPELL tokens can be earned by providing liquidity or by participating in governance, incentivizing active engagement within the community.
Spell Token has several significant use cases:
Keeping your Spell Token safe involves several best practices:
Investing in Spell Token (SPELL) or any other cryptocurrency involves several steps:
1. Choose a Reliable Exchange: Select a reputable cryptocurrency exchange platform like Coinbase, Binance, or Okx. These platforms allow you to buy, sell, and trade cryptocurrencies.
2. Create an Account: Sign up for an account on your chosen exchange by providing the necessary personal information and completing the verification process.
3. Fund Your Account: Deposit funds into your exchange account using various methods like bank transfers, credit/debit cards, or wire transfers.
4. Buy Spell Token: Once your account is funded, you can purchase Spell Token directly from the exchange. Choose the desired amount and complete the transaction.
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Spell Token (SPELL) is currently trading at $0.000993 and exhibits good potential for future growth. Check the latest Spell Token (SPELL) price prediction.
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