SPELL is the native token of Abracadabra.money, a multi-chain DeFi lending protocol that offers users borrowing, farming, and staking opportunities.
Abracadabra.money is a decentralized finance (DeFi) lending protocol that allows users to borrow magic internet money (MIM), a USD-pegged stablecoin that can be exchanged for other stablecoins, in exchange for lending interest-bearing tokens as collateral.
The MIM stablecoin maintains its USD peg via arbitrage incentives. When MIM prices fall against the USD peg, users with existing MIM loans can purchase tokens to repay their loans at cheaper prices. Conversely, when MIM prices rise above a dollar, arbitrageurs can take out MIM loans and sell the tokens at a lower price.
In addition to borrowing, Abracadabra.money gives users access to farming and staking opportunities. Users can stake liquidity pool tokens (LP tokens) to farm SPELL, or stake SPELL for token rewards.
What is Spell Token (SPELL)?
SPELL is a governance and utility token that serves as the native token of Abracadabra.money. The token can be staked to vote on governance proposals or earn yield . It can also be used as collateral to secure MIM loans. While SPELL and MIM tokens are minted as Ethereum* tokens, they can currently be bridged to Arbitum, Avalanche, BNB Smart Chain, and Fantom.
How to buy Spell Token (SPELL) on Binance.US
Buy Spell Token (SPELL) with Bank Transfer (ACH), Debit Card, or Wire Transfer.
Deposits and withdrawals are now open for SPELL.
*Please note that at the time of writing, Binance.US only supports Ethereum (ERC20) SPELL deposits and withdrawals. We will be unable to recover tokens sent to the wrong network address. For more information on the networks that Binance.US supports, consult our full list of supported assets and networks.
Note: This article was last updated on April 28 2022. Deposits for IMX first opened on April 27, 2022 at 5 a.m. PDT / 8 a.m. EDT. Trading opened 24 hours later, along with the "Buy Crypto" functionality.
Follow us on social media to stay up to date with Binance.US news and announcements:
Legal disclaimer: This material has been prepared for general informational purposes only and should NOT be: (1) considered an individualized recommendation or advice; and (2) relied upon for any investment activities. All information is provided on an as-is basis and is subject to change without notice, we make no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability or completeness of any such information. Binance.US does NOT provide investment, legal, or tax advice in any manner or form. The ownership of any investment decision(s) exclusively vests with you after analyzing all possible risk factors and by exercising your own independent discretion. Binance.US shall not be liable for any consequences thereof.