SPELL

Spell Token price

SPELL
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3.7/5
CyberScope
3.7
06/23/2024
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USD
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$0.00066960
-0.17%
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Spell Token price live data

The current price of Spell Token is $0.00066960. Since 00:00 UTC, Spell Token has decreased by -0.16%. It currently has a circulating supply of 145,261,395,350 SPELL and a maximum supply of 210,000,000,000 SPELL, giving it a fully diluted market cap of $97.37M. At present, Spell Token holds the 193 position in market cap rankings. The Spell Token/USD price is updated in real-time.

Spell Token price performance in USD

Time periodChange amount%Chg
Today$0.00000 -0.17%
7 days-$0.00010 -13.31%
30 days-$0.00025 -26.84%
3 months-$0.00059 -46.87%

Spell Token market information

24h low/high
The highest, lowest, and last prices in 24 hours
24h low$0.00062910
Last price $0.00066960
24h high$0.00069660
Heat index ranking
212
Market cap ranking
193
Market cap
$97.37M
Favorited rate
Percentage of users who favorited this asset to all users
1.08%
All-time high
$0.036000
-98.14% (-$0.03533)
Nov 2, 2021 (3 years ago)
All-time low
$0.00034100
+96.36% ($0.00032860)
Aug 18, 2023 (10 months ago)
ICO date
09/02/2021
ICO price
The price at which this crypto was first traded
$0
Circulating supply
The amount of this crypto that is publicly available in the market
145,261,395,350 SPELL
Market cap at circulating supply
Market cap = Circulating supply × Last price
$140.76M

About Spell Token (SPELL)

Spell Token (SPELL) is a governance token of Abracadabra.money, a leverage and lending platform. Abracadabra.money uses interest-bearing tokens (ibTKNs) as collateral to borrow a USD-pegged stablecoin called Magic Internet Money (MIM), which can be used as any other traditional stablecoin.

Abracadabra.money uses Kashi Lending Technology to provide isolated lending markets that allow users to adjust their risk tolerance according to the collateral they decide to use. It also uses interest-bearing tokens such as yvUSDT and xSUSHI to provide users with various features such as borrowing, swaps, and staking.

In Abracadabra.money, every MIM is backed by a specific interest-bearing token (ibTKN). Unlike most protocols where a user's collateral is at risk of liquidation, with Abracadabra.money, each collateralized debt position (CDP) is isolated and only at risk of its own individual liquidation.

The protocol operates on a gamified ecosystem and describes itself as a "spell book." The spellcaster, or the borrower, produces MIM by placing yvUSDT or xSUSHI as collateral. Users have to repay the debt with interest to receive their collateral back, thereby reversing the "spell."

Outside of lending and borrowing, Abracadabra.money also offers staking, farming, and bridging. For example, SPELL tokens can be staked on the protocol to receive sSPELL tokens. 75 percent of the fees collected from borrowed MIM will be used to buy SPELL tokens for sSPELL holders. In addition, sSPELL holders also have voting rights, which means they can propose changes to the platform, such as the liquidation fees, future collateral options, and more.

The protocol allows users to borrow at low-interest rates. In addition, users have multiple options to bridge between networks such as Fantom, Avax, and Ethereum.

SPELL price and tokenomics

The governance token, SPELL, of Abracadabra.money had an initial supply of 420 billion but has since been reduced to 210 billion through token burning.

63 percent of the total supply of SPELL tokens was channeled to incentivize particular LP pairs and other liquidity mining programs. 30 percent of the total supply was also allocated to team members across a four-year vesting schedule, while the remaining 7 percent was distributed via an initial dex offering (IDO).

SPELL's price is mainly driven by the total value locked and the number of users accessing the spell book.

About the founders

Two central figures associated with the project are Daniele Sestagalli and pseudonymous co-founder, Squirrel. Sestagalli has worked on several notable projects, including Popsicle Finance, Magic Internet Money, and Wonderland Money.

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SPELL FAQ

What is SPELL?

Spell Token (SPELL) is the governance token of Abracadabra.money, a leverage and lending platform. It plays a crucial role in the governance and decision-making processes of the platform. It can also be staked for additional rewards.

How are collateralized debt positions (CDPs) handled on Abracadabra.money?

Each CDP on Abracadabra.money is isolated and only at risk of its own individual liquidation. This means that a user's collateral is not exposed to the liquidation risks of other users' positions.

Where can I buy SPELL?

Easily buy SPELL tokens on the OKX cryptocurrency platform. OKX’s spot trading terminal includes the SPELL/USDT trading pair.

You can also swap your existing cryptocurrencies, including XRP (XRP), Cardano (ADA), Solana (SOL), and Chainlink (LINK), for SPELL with zero fees and no price slippage by using OKX Convert.

How much is Spell Token worth today?
Currently, one Spell Token is worth $0.00066960. For answers and insight into Spell Token's price action, you're in the right place. Explore the latest Spell Token charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Spell Token, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Spell Token have been created as well.
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