The Spell Token (SPELL) is a reward token associated to abracadabra.money, a lending platform that use interest-bearing tokens (ibTKNs) as collateral to borrow Magic Internet Money, a USD-pegged stablecoin (MIM). Abracadabra makes advantage of SushiSwap's (SUSHI) Kashi Loan Technology to create isolated lending markets that let users to change their risk tolerance based on the collateral they choose. Users can put up collateral and use it to borrow MIM. Users can farm SPELL by staking their liquidity provider (LP) tokens on Abracadabra's yield farming platform. This makes certain cryptocurrency pairs, such as Ether (ETH)-Spell Token (SPELL) and Magic Internet Money (MIM)-LP 3pool Curve, more liquid (3CRV). Users may also use borrowed MIM from their interest-bearing collateral to launch leveraged agricultural positions.
Abracadabra's isolated lending marketplaces have spawned a surge of innovation in decentralized finance (DeFi) lending thanks to SushiSwap's Kashi Lending Technology. The risk is not borne collectively in an isolated loan market. Users may offer liquidity for any token, and if the currency pair loses liquidity or the smart contract fails, just that pair, not the entire platform, is affected. As a result, Abracadabra may provide a variety of pairings that aren't supported by the majority of other decentralized exchanges (DEXs).
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