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 Binance.US supports Avalanche C-Chain (AVAXC) and 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 June 2, 2022. Deposits for SPELL 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. Support for Avalanche C-Chain (AVAXC) SPELL was added on June 1, 2022.
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