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🕑 Added 2021-12-15 23:59:20 +0000 UTCWatchlist: Abracadabra (SPELL)
Abracadabra is a lending platform that allows users to ‘cast a spell’ on interest-bearing tokens to borrow a USD backed stablecoin called MIM.
Abracadabra lives up to their name by solving a major problem in DeFi…
There’s a lot of capital locked in staking vaults that can’t be put to further use.
Abracadabra solves this problem.
WIth Abracadabra, you can borrow Magic Internet Money (Yeah... I know) with your tokens which are staked in another platform to put it simply such as Yearn or Sushi.
Let’s say I was staking USDT on Yearn. I would get yvUDSDT tokens sent to my wallet in return for my staking.
But I couldn’t do anything with these so-called interest bearing tokens before magic internet money came along. Now I can borrow Magic Internet Money with interest bearing tokens such as yvUSDT as collateral.
At some point in time, I will have to repay the MIM tokens back to Abracadabra.
the formula is straightforward. collateral in - poof - stable coin out.
To reverse the spell, I have to return the magic internet money tokens back into the spellbook.
This is how I will get back my yvUSDT tokens.
Magic Internet Money can swap this stable coin on Curve with other stablecoins USDC, Tether, or DAI.
Curve is a DEX which allows stablecoins to be swapped at very low slippage. This might not sound like a big deal, but when trading a lot at once six figures worth of capital in stablecoins, Curve becomes a must.
Abracadabra is also a cross chain platform. It supports Fantom, Avalanche, Ethereum, Arbitrium, and Binance Smart Chain.
SPELL is the Abracadabra protocol token that is used for incentivization.
The total value locked (TVL) in Spell has gone up rapidly since this summer. Since the middle of September, it went up 1000% from $400 million to $10 billion.
It’s no surprise that at the same time, the price in Spell token Surged from September to the middle of November, going 10x in price.
While Spell continued to decline throughout November after going on a nice run, it actually held up well when Bitcoin crashed at the beginning of the week.
Spell saw a nice surge back up in price when a coinbase listing was announced.
Spell right now has a market cap of around $1.1B, a circulating supply of 76B tokens, and total supply of 103B tokens.
But that being said, the SPELL token is -61.8% from it’s all-time high which could mean it could be a good position to enter. (not financial advice)
If I were considering buying some, I would buy a small amount first and then continue to Dollar Cost Average.
The downside I see to investing in SPELL is that it’s a new project, there are always risks to be careful such as smart contract bugs, hacks, and whether the community and team will keep building.
Comments
Hey max I just joined the group.. how do you see all this on discord. I connected the account. Paid the ten dollars etc. do you see me as a member?
Double on the Saitama ask. It could be a big lie or really great token. I had put quite a lot into it before it ran back in Nov 13th. Thanks Max!
Hi max, not available on KUCOIn..
I'll add this to my list to look into!
There is a LOT there indeed. And definitely on the degen side of things as it is basically double risk
Here are the places it's available https://coinmarketcap.com/currencies/spell-token/markets/
What do you like about it?
Hi Max, thank you. Can you take a look at Saitama token. They have couple of things about to happen and I would like to hear your opinion. Not even a video… if you’ll have time. Thank you in advance. They are ranked in a wrong CMC position, when it’s going to be fixed they’ll get more exposure. They are about to release a new wallet. They are basically a company, LLC. Not just any token creator. They are going to launch new tokens on their platform, Lilly token as a starter. Medical company token.
There’s a lot to learn with spell and the “degen” box? That looks very interesting but a little confusing to me…
I actually have some spell which I got from a jumpstart on OKEX. I definitely need to go check now the price has fallen 😂
I traded AVAX for $SPELL on TraderJoexyz.com.
He uses KuCoin in almost all of his videos
I absolutely love Daniele Sestigalli. He is a wonderful dev and seems to have a big heart.
Dang I did not see that it was listed on coinbase. Very exciting!
Recommendation for a platform would be amazing!
Hey Max , any reco on which platform to buy on?
Watch for the Merlin Candles 👀
Yessir not bad :)
You're doing well today, then!
Bought in last week
