What Is Abracadabra Money? ($SPELL)
Abracadabra Money ($SPELL) is a multichain DeFi lending platform.
Hey, Ravinder here 👋
This week, I'm covering Abracadabra Money ($SPELL). It's a multichain DeFi lending platform. Here's the best content on Abracadabra Money.
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Introducing Abracadabra Money: Abracadabra Money is a lending platform that lets users put up collateral in exchange for its stablecoin. The platform's defining characteristic is that it accepts interest-bearing tokens such as $MEMO, $xSUSHI, and various others as collateral.
Understand The Role Of $MIM And $SPELL: $MIM is a stablecoin backed by interest-earning tokens, maintaining its peg to USD through arbitrage. $SPELL is the token used for governance and incentivisation. It's also used for staking, allowing stakers to earn a share of the protocol’s fees.
Abracadabra Money's Road To Zero Emissions: Abracadabra Money has reduced the weekly emissions for $SPELL by 71.4%. They’ve proven that profitability can be achieved by managing the emissions schedule.
Meet The Abracadabra Money Team: The Magic Internet Money price peg mechanism is supported by token minting through a multi-sig of 6 out of 10. Consider Frog Nation - Wonderland, Popsicle, and Abracadabra as related - that means 5 out of 6 votes are centralised.